Did you work with contractors or vendors in the past year? Or did you shell out some business-related payments, like rent or legal fees? With the turn of the year, you might need to add an important item to your to-do list: organizing 1099-MISC forms. You’ll need to file this statement and send copies to parties you’ve paid by January 31.
What is a 1099-MISC form?
A 1099-MISC form records a wide range of miscellaneous payments that your business made over a year. As such, it’s an important document for your bookkeeping purposes. It’s also important because it helps other taxpayers—the entities you’ve done business with—track and fulfill what they owe the IRS.
A 1099 can include various kinds of miscellaneous payments, so it’s best to determine what you must report through this document with your CPA firm soon.
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