Tax Planning Time Schedule
To allow for smooth year end processing for your taxes use these helpful dates below to plan your activities.
- November 20 – Contact Accountant / Tax Preparer regarding Year End Tax Planning and get quote for year end tax work
- December 1 – Are your financial records up to date?
- December 15 – Have you responded to all your Accountant requests for information?
- January 15 – Have you started a conversation with your Accountant on Year End Closing?
- February 1 – Is year end closed? Forward information to Tax Preparer
- February 15 – Call Tax Preparer for progress report
- February 28 – Forward completed k-1 to your investors
1099’s are required to be sent to any vendor that is paid more than $600 and December is the time to make sure all your information is ready.
- December 1 - Review Vendor Contact File for Completion
- Vendor Name, Address & Tax ID number
- W-9 on file and signed by vendor
- Vendor file tagged correctly for 1099 reporting
- January 1 – Accumulate data to forward to Accountant / Tax Preparer for 1099 filing
- January – Mail 1099 to recipients
- February 28 – Summary form 1098 due to IRS
Who do I need to send a Form 1099-MISC to?
- Send a Form 1099-Misc to each person you paid more than $600 last year for services or rents.
- Services are usually provided by individuals or LLCs for accounting, legal, housekeeping, marketing, etc.
- Merchandise, utilities, non-profits, corporations (unless it is your attorney) don’t require a Form 1099-MISC.
Complete requirements can be found here.
- Work performed by independent contractors must be reported on a 1099. Require your contractors to complete a W-9 Form so you have enough information.
- You can use QuickBooks to print 1099s on preprinted forms. Here is a link to the Form W-9.
QuickBooks Audit Checklist
Complete this quick checklist to ensure your QuickBooks are in order.