Small Business Tax Savings Podcast
Business:Entrepreneurship
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With January fast approaching, it’s important for business owners to start preparing their 1099-NECs. If you want to stay ahead and get everything in order before the deadline, this episode is for you! We discuss whether or not a transaction needs a 1099, what the process for filing is, and what will happen if you missed filing a 1099.
[01:07] Fast Facts About 1099-NECs
[04:05] When It Is NOT Required to File 1099-NECs
[06:25] 1099-NEC Preparation Made Easy
[08:54] Penalties for Failing to File a 1099-NEC
[10:16] Different Types of 1099s
[12:30] Final Thoughts
Key Quotes
“If you are the one paying the contractor, you are the one that files the 1099-NEC.” - Mike Jesowshek
“Sometimes it's hard to get a W9 from someone after the fact so just ask for it upfront. Again, one rule of thumb before you pay anyone, collect a W9 from them.” - Mike Jesowshek
Resources Mentioned
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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