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.
- It is always best practice to get W-9s from all your vendors before you make the first payment to them. Whether they are a returning or new vendor, it is important to make sure you have the correct information.
- Make sure you keep your payment records organized. This will help you when you are looking back at the end of the year.
- 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 with 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.