Tax Planning Time Schedule

To allow for smooth year end processing for your taxes use these helpful dates below to plan your activities. 

K-1 Planning

  • 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 Planning

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.

Independent Contractors

  • 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

Prepare for year-end or simply do a quick audit on your QuickBooks to make sure they're in order. 

Access the QuickBooks Audit Checklist here.