January 31 IRS Deadline – Avoid Fines!
REMINDER: Deadline to Submit 1099 Forms is Jan. 31
Hey business owners! Did you work with an independent contractor, such as a freelancer, accountant or attorney, in 2018? If so, did you pay $600 or more to any of them? If you answered yes, then this is your friendly reminder that you must submit a 1099 form to the contractor AND the IRS by Jan. 31.
AVOID FINES AND LOST DEDUCTIONS
If you miss this deadline, fail to submit 1099 forms, or report incorrect information, you can face major penalties – including up to $500 per vendor. Even worse, you may not be allowed to deduct it as a business expense to offset your taxable income. Not good.
If you haven’t already, begin reviewing your 2018 financial statements now and make a list. And, if you just froze like a deer in headlights because your bookkeeping is not in order – don’t panic! Anchor Bookkeeping can get you caught up fast.