Did you issue a 1099 to all your independent contractors? The deadline was February 2nd! Below is a great article that explains the 1099 Misc IRS form. This time of year can always be challenging particularly if you have not been diligent all year long about collecting W-9’s from your contractors. Remember as we go through the rest of the year, contractors should submit a W-9 BEFORE payments are processed. Keep a file of all the collected w-9’s so you can go back and refer to it as necessary. Your business should start receiving 1099’s as well from your customers if you are not incorporated. Confirm these 1099’s against your records to be sure they are correct. Mistakes happen.
Take the right steps now and January 2016 will be a breeze!