As a small business owner you have lot’s to think about. Just a reminder to remember to complete your W-2’s and/or 1099’s. Here are some very general guidelines for 1099’s, be sure to call me with any questions.
If the following four conditions are met, you must generally report a payment as nonemployee compensation on a 1099-misc with a copy provided to the contractor by January 31st.
- You made the payment to someone who is not your employee;
- You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
- You made the payment to an individual, partnership, estate, or, in some cases, a corporation; and
- You made payments to the payee of at least $600 during the year.