Filing 1099s

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Small business owners who pay independent contractors must prepare to file 1099s. Like W-2s for full-time employees, 1099s for freelancers who have worked for you in the previous year, must be filed with the IRS and mailed to the taxpayers by the end of January. You are generally required to submit a 1099 form for anyone who earned more than $600 from your company during the previous year. As soon as you bring on a freelancer, ask them to complete and return a W-9 form. The IRS requires you to collect this form from all independent contractors, and you’ll need to keep it on file for four years. Also, if you don’t have an accountant, set up an effective system for tracking payments to contractors yourself.

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