Ready for the Deadline? What You Need to Know About 1099s
January 7, 2025
The new year is here, and with it comes an important deadline for business owners: January 31, 2025. If you’ve paid independent contractors, service providers, or freelancers $600 or more in 2024, you may need to file a 1099 form for them.
With the deadline just weeks away, now is the time to get organized. Filing your 1099s on time not only avoids penalties but also keeps your business in good standing.
Let’s cover the essentials to get you started:
- Determine Who Needs a 1099
Not all payments require a 1099. Generally, you’ll need to issue one to non-employees paid $600 or more, excluding corporations (though there are exceptions, such as attorney fees). Payments made through platforms like PayPal or credit cards might not count, as those are reported separately. Whether you need to file or not depends on the type of services, entity type of the vendor's business and how payment was made. - Gather Your Paperwork
The first step to a smooth filing is having all your information ready. If you haven’t already, request W-9 forms from your contractors or vendors. These forms contain critical details like their legal name, tax identification number, and business structure. - Meet the Deadline
Filing must be completed by January 31, 2025, so time is of the essence. Don’t wait until the last minute to start organizing your records or using filing software.
Needing Some Clarity Before the Deadline? Let's simplify 1099s!
If the thought of managing 1099s still feels like a headache, we’re here to simplify it for you. Join us for our free webinar, “1099 Simplified: What You Need to Know,” on January 16th and 11am PST.
In this quick and practical session, we’ll cover:
- How to ensure you’re filing correctly
- Common mistakes to avoid
- Tools and strategies to streamline your process
You’ll leave the webinar feeling confident and ready to tackle your 1099 obligations—before the deadline hits!
📅 Reserve your spot today: REGISTER HERE
The 1099 deadline is approaching fast, but with the right information and support, you can handle it with ease. Don’t let confusion or procrastination stand in your way—take action now and join us to make 1099s stress-free!
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