Preparing for 1099

With tax season approaching, it is time to start thinking about 1099s. Today we are exploring some helpful tips to prepare yourself for 1099s this year and in the future.

  1. It is always best practice to get W-9s from all your vendors before you make the first payment to them. Whether they are returning or new vendors, it is important to ensure you have the correct information.
  2. Make sure you keep your payment records organized. This will help you when you are looking back at the end of the year.
  3. All 1099s are due January 31st, so make sure to give yourself time to get the process done. Don’t wait until the last minute.

Below is a breakdown of the most common qualifiers for 1099s. This is just an example and doesn’t apply to every situation, so it is always best to consult a professional. Still confused? Do you want or need help with your 1099s?

Call us today, and we are happy to help answer any questions you may have! You can reach us at 281-545-4000.

preparing for 1099

Jennifer Devine

I'm an experienced finance professional with more than 20 years of experience. I've held several Controller positions throughout my career, most notably with an internationally respected commercial real estate investment, management, and brokerage firm. In this role, I was responsible for all aspects of accounting across the company's many operational divisions - including internet services, real estate development, property management, and brokerage services. As our company operated in multiple countries and currencies, it was essential to me that all financial reports were accurate and compliant.