profile

R.S.K. Tax & Consulting, LLC

Don't Miss These 1099 Filing Tips and Deadlines!

Published 4 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

Unlock Your Financial Power: Mastering Your Books for Success Ever feel like you're navigating your finances in the dark? You're not alone! Understanding your financial situation and keeping accurate books isn't just about ticking boxes – it's your secret weapon for achieving financial success and planning for a smoother tax season. Think of your financial records as a roadmap. Without it, you're driving blind, unsure of where you've been, where you are, and where you're headed. But with...

6 days ago • 1 min read

Post-Tax Season Real Estate Opportunities for Business Owners As the dust settles from the April 15th tax deadline, many business owners are now looking ahead and considering strategic investments. Your tax return could be the key to unlocking exciting real estate opportunities. This newsletter delves into how you can leverage your tax outcomes and navigate the current market to expand your real estate portfolio. Maximizing Your Tax Return for Real Estate Investment The post-tax season...

13 days ago • 3 min read

Don't Forget! April 15th Deadline & 1st Quarter Payments Are Here! Hello everyone, This is a friendly reminder about some important financial deadlines that have just passed and are currently due! We want to ensure you're on track and avoid any potential penalties. Mark Your Calendars (If You Haven't Already!): April 15th Deadline: This past Monday marked a significant deadline for many. It's crucial to have taken the necessary actions by this date. 1st Quarter Payments: For those who pay...

20 days ago • 2 min read