January 31 IRS Deadline – Avoid Fines!

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.


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.

Visit us at www.anchorbookkeeping.com or call us at 833.874.1538 to get started. We’re here to help!