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In this episode we discuss taxes. We start by reflecting on our individual workflows for tracking expenses and receipts, and Joe’s inexplicable love of spreadsheets. Then we turn our attention to income tracking and some of the difficulties that it can present. We next talk in depth about the 1099-K tax forms that Apple has been sending out, and more importantly how to make sense of the numbers on those forms. We close the show by considering when it’s time to hire a professional to prepare your taxes, the importance of issuing 1099-MISC forms in a timely manner, and the inappropriate use of whisky as a medium of exchange.
Show Notes & Links
- Metakite Software Income Statement Template – The “magic spreadsheet” that Charles uses to track expenses, revenue, and profit.
- Apple’s 1099-K Frequently Asked Questions – Log into iTunes Connect, click “FAQ”, click “Banking & Tax”, 1099-K questions are at the bottom of the page.