Wow! This year has flown by and in January the annual 1099 Reports will be due. If you are self-employed, a partner, or an LLC, the chances are you will be received a 1099-MISC.
When you receive your 1099, take a moment to check the accuracy. Waiting until you meet with your tax preparer and finding an error, creates delays in filing and potential IRS issues.
What are the things you should check when you receive these, to insure they are accurate?
- Check the tax id number and make sure it is correct.
- Check the name and confirm it is correct
- Review the amount. If you have been paid by a client partially by check and partially by credit card, only the check portion should be reported by the client. This is because the credit card portion will be reported on a 1099 sent to you by your credit card merchant.
If you find an error, report it as soon as possible to your client, so that an amended 1099-MISC can be issued.
For more information, visit https://www.irs.gov/pub/irs-pdf/i1099msc_19.pdf
