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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


Mail 1099 to recipients

February 28

Summary form 1098 due to IRS

Who do I need to send a Form 1099-MISC to?
  1. Send a Form 1099-Misc to each person you paid more than $600 last year for services or rents.
  2. Services are usually provided by individuals or LLCs for accounting, legal, housekeeping, marketing, etc.
  3. 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

  1. 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.
  2. 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.

Have questions? Schedule a call with us.

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