Ep16 - Who Do I Need to Send a 1099 To?
1/3/23 - Who Do I Send 1099s To?
If you own your own business, it’s imperative that you send your vendors a Form 1099. And the IRS requires you to get them out by the end of THIS month - January.
Friends, if that feels overwhelming to you, I understand. But even so, please do NOT ignore getting these out! I’m here to help :-)
In this episode, I talk about:
What are the 2 types of a (Form) 1099?
1099 NEC
1099 Misc
Who needs to get them? (But I’m only discussing the ones that most likely relate to your business…)
Who I don’t need to send them to
How 3rd party-payment platforms affect this process (for example, credit/debit cards, Stripe, PayPal, Venmo, etc.) and why!
How to treat S-Corp and C-Corp vendors
How do I send 1099s?
How to make sure you don’t “double count” your revenue.
Make sure your Profit-and Loss statement (P&L) agrees with your 1099s
What do I do when I receive them as a business owner?
IMPORTANT NOTE: Tax laws change all the time. And even in between the time I recorded this episode and the time it is being aired, Congress yet again changed the law regarding 1099s. Please make sure you listen to the Episode 16 Update where I clear everything up.
And until next time, may your week be filled with love and profit!
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