What You Need to Know About
As a business owner, you want to stay one step ahead of the annual tax season, which includes the mandatory filing of 1099s for independent contractors and W-2s for employees.
What are the dates that matter most – and what can you do to streamline the entire wage-reporting process?
Here’s a countdown to keep you on track:
Throughout the year
Handle the 1099 legwork in advance.
Avoid the first-of-the-year rush with 1099 prep work. Instead, have every independent contractor, freelancer, consultant and sole proprietor fill out a Form W-9, Request for Taxpayer Identification Number and Certification, as he/she provides services. The W-9 captures the recipient’s legal name, address and Taxpayer Identification Number (TIN), which are necessary to complete the 1099.
By November of applicable tax year
Get a head start — new 1099 forms and early e-filing are available. Rather than wait until January, begin filing your forms now. As long as an independent contractor has completed all work for the calendar year and you have all the required information, you can get started.
By January 31
Distribute 1099s and W-2s to all covered recipients.
- Still paper filing? The deadline for distributing 1099s and W-2s is the same – January 31, 2017.