1099 Basics for the 2024 filing season

As we near the end of the year, it will be essential to organize your data through the end of the year so that filing 1099 information in January is a breeze! Here are some things to keep in mind:

1. All contractors should be sent a 1099 if they were paid $600 or more. It’s best practice to get a W-9 from the contractor

2. No taxes are taken out of 1099 filings

3. If you rent a space, your landlord should be sent a 1099

4. If you paid for legal fees, that law firm should be sent a 1099

5. 1099 filings typically require a vendor name, address, EIN and amount paid

6. There are penalties for missing the 1/31 deadline so be prompt. Most software companies also offer lowered pricing for filing at the beginning of the month

7. If filing more than 250 1099s, you must file electronically

Feel free to reach out to us if you have additional questions. We always recommend visiting the IRS website as well to help guide you through this process.