It’s that time of year again to begin thinking about who should receive 1099 forms. As a general rule, 1099 forms should be issued to all vendors who are paid $600 or more throughout the year for rent or services…
We are thrilled to welcome back a familiar face to our office. Alicia Garrett, rejoins our BakerStarrett team with 5 years of tax experience. Alicia graduated from UNI with an Accounting & Business Administration degree. She is excited to be…
October is here, and with it comes the realization that the end of the year is just around the corner. For many farmers and business owners, this season brings a critical focus: tax planning. With only a few months left…
In the world of business, having clients sign an engagement letter is a common practice. But what exactly is an engagement letter, and what does it contain? Let’s delve into the details and understand how these letters benefit both you…
One of my colleagues attended the 2024 State Fair and mentioned that they visited the “Great Iowa Treasure Hunt” table staffed by the Iowa State Treasurer. I knew about the program but discounted it as not relevant to me. They…
We are excited to bring another new, yet familiar face back to our office. Ashlyn Stallman interned for BakerStarrett a few years back and has returned to a more defined role. Ashlyn grew up and graduated high school in Grinnell,…
The Dreaded Question: Where Has the Summer Gone? As we move through the final stretch of summer, the inevitable question arises: “Where has the summer gone?” While we’re busy enjoying the last sun-soaked days, it’s important to remember a critical…
Maintaining accurate financial records is essential for any business, providing a clear and systematic overview of a company’s monetary inflows and outflows. Here are the fundamental practices of effective bookkeeping: Tracking Expenses Accurate Recording of Transactions Diligent Documentation and Filing…
Starting a business involves critical decisions, and selecting the right business structure is crucial. Each type of entity impacts taxes, personal liability, and the ability to raise capital. Here’s a detailed guide to help you make an informed choice. Sole…
QuickBooks Desktop 2021 will be discontinued on May 31, 2024. Newer versions of QuickBooks Desktop are not (yet) impacted by the discontinuation notice. What does this mean for you if you are currently using QuickBooks Desktop 2021? After May 31st,…