1099 filing season is quickly approaching. Don’t be caught off guard. Begin gathering what you need.
What is a 1099 Form?
A 1099 form is used to report payments or income over $600 for certain transactions to the IRS.
What do I need to do?
Take these steps to prepare:
Gather the necessary information needed to file 1099 forms.
Begin collecting a Form W-9 from vendors. This form allows you to have the proper name, address, and taxpayer identification number on file for required information returns (1099 forms) to the IRS.
a best practice is to have vendors complete a Form W-9 before doing business together and paying them.
Focus on collecting Form W-9s from new vendors, especially if you have filed 1099s in the past.
TrueBlaze has resources to help with this process. Contact us for a
W-9 Sample Request Letter or a Form W-9.
When are 1099 forms due?
Recipient deadlines start in January. Begin gathering information now.
Questions?
We are here for you. Managing and filing 1099 forms is an important part of your business. Knowing the who, what and when of 1099s can be daunting. Please contact TrueBlaze Advisors with any questions related to 1099s.