Filing 1099's

The deadline for issuing 1099’s to independent contractors is approaching.  Do you know who you’ve paid & how much?  Most people don’t usually start thinking about issuing 1099’s until January, but it’s not too early to start now.  

Here are a few steps you can take to prepare for this deadline:

• Gather all W-9’s that have been received
• Make a list of all non-corporations that were paid more than $600 for services or rent in 2019
• Track down any missing W-9’s
• Gather any IRS notices you received regarding past 1099’s filed

If you use QuickBooks to track your finances, reconciling your bank and credit card accounts can help you determine an accurate number for your independent contractor payments.

1099’s need to be filed by no later than January 31^st, 2020.  A 1096 needs to be filed along with most types of 1099 forms.

Because there is no extension to this tax deadline, the process can often get frantic.  Don’t let that be you this January, and start preparing today.