1099s Due End of January!

1099s need to be efiled by the end of January. If you have hired individuals or companies in 2021 who performed services for you, they may need a 1099 if they were not on your payroll. It’s important that the correct amounts are allocated to each contractor and the only way to be 100% accurate for that is by reconciling your bank statements and then adding any cash amounts paid to each contractor to the totals. If you pay your contractors in cash, you can still write it off! Keep a cash log and have your contractors sign whenever they are paid for the amount so you can keep it for an audit trail. Then add the cash amount to the amount you added up from the bank statements, check stubs. For help efiling call Fleig Financials, LLC at 361 443-3787