profile

R.S.K. Tax & Consulting, LLC

Don't Miss These 1099 Filing Tips and Deadlines!

Published 10 months ago • 1 min read

Your Ultimate Guide to 1099 Filing: Stay Compliant and Confident

The start of a new year is a reminder for business owners and freelancers alike: it’s time to prepare and file your 1099 forms! Understanding your responsibilities is crucial to staying compliant and avoiding unnecessary penalties. Let’s break it down.

Who Needs to File a 1099?

If you’ve made payments in the course of your business to independent contractors, freelancers, or vendors, you may need to issue a Form 1099-NEC or 1099-MISC. This applies to:

  • Businesses: Sole proprietors, LLCs, corporations, and nonprofits.
  • Payment thresholds: Anyone who paid $600 or more to an individual or entity (other than a corporation) for services provided.

Common examples include payments for:

  • Professional services (e.g., graphic design, consulting, legal advice).
  • Rent for office or equipment.
  • Prizes and awards.

Filing Amount

  • General rule: You must issue a 1099 if the payment was $600 or more during the year.
  • Exceptions: Some payments, like royalties, require filing if they exceed $10. Payments made via credit card or third-party networks (e.g., PayPal) are reported on Form 1099-K by the payment processor if they exceed $5,000.

Key Deadlines

Mark your calendar with these crucial dates:

  1. January 31, 2025: Deadline to send 1099 forms to recipients.
  2. January 31, 2025: Deadline to file Forms 1099-NEC with the IRS.
  3. February 28, 2025: Deadline to file paper Forms 1099-MISC with the IRS.
  4. March 31, 2025: Deadline to file electronic Forms 1099-MISC with the IRS.

Pro tip: Filing electronically is often faster and reduces errors.

Penalties for Late Filing

Failing to meet the filing deadlines can lead to penalties ranging from $60 to $290 per form, depending on how late the forms are filed. Avoid the headache by preparing early and double-checking your records.

Need Help? We’ve Got You Covered

RSK TAX AND CONSULTING, LLC specializes in helping businesses navigate tax requirements. Whether you need guidance on issuing 1099s or preparing your other tax forms, we’re here to help.

Contact us today to ensure you’re on track for the 2025 tax season.

Stay informed and proactive—it’s the best way to keep your business running smoothly!

RSK TAX AND CONSULTING, LLC​
Your Partner in Tax and Business Solutions

​

520 White plains Road Suite 500 Tarrytown, NY 10591
​Unsubscribe · Preferences​

R.S.K. Tax & Consulting, LLC

Read more from R.S.K. Tax & Consulting, LLC

Year-End Strategy Series 2026: Estate Planning – The Ultimate Gift to Your Family and Business As we continue our Year-End Strategy Series, we move from investment tactics to one of the most meaningful pillars of financial success—Estate Planning. Many business owners and high-net-worth individuals delay this step, believing it only applies to the elderly or the ultra-wealthy. The truth is, if you own assets, a business, or have a family, a plan is not optional—it is essential. Why Estate...

6 days ago • 2 min read

Don’t Let Tax Surprises Spoil 2025: Smart Year-End Moves to Avoid Penalties As 2025 comes to a close, one of the most overlooked — but important — financial tasks is year-end estimated tax planning. Whether you are self-employed, a small business owner, or someone with investment income, taking time now to review your estimated taxes can help you avoid costly IRS penalties and manage your cash flow more effectively. Why Year-End Estimated Tax Planning Matters If you expect to owe tax that is...

13 days ago • 3 min read

Smart Year-End Moves to Lower Your 2025 Taxes As the year comes to a close, now is the time to take advantage of tax-saving opportunities that can reduce your 2025 tax bill. One of the most effective strategies is prepaying or making key purchases before December 31. Here’s how it works — and what to keep in mind before the year ends. 1. Supplies and Materials If you pay for business supplies before year-end, you can usually deduct the cost this year, even if you will not use them until next...

20 days ago • 2 min read