Preparing for 1099s
Tuesday January 13, 2015
Have you paid someone $600.00 or more during the year for a service? Are they a corporation? Not sure, best to ask them. If they are not a corporation, then you will need to get a W-9 from them. This will have their legal name, address, and taxpayer ID number that you will need to create a 1099 for them at the end of the year. The deadline for mailing 1099s is January 31 to the recipient, and then the forms can be e-filed. Best practice -during the year collect that information on any new service providers, subcontractors, and independent contractors. Give that info to your bookkeeper, and then you will avoid the stress and panic in January. Click on the link for the W-9 form, then call Peace of Mind Accounting to help you prepare your 1099s. http://www.irs.gov/pub/irs-pdf/fw9.pdf
Brenda Bowen
Owner of Peace of Mind Accounting, QuickBooks ProAdvisor with 12+ years of experience helping small businesses with their bookkeeping needs.
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