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Prep for year end

It’s never too early to start collecting your vendor information for year end tax purposes. Here’s a quick checklist to help:

  • obtain a W-9 for each new vendor

  • verify reporting status of current vendors (do they need a 1099 or not)

  • record full name of vendor

  • track payments for $600 limit (except lawyers - $10)

  • check if your vendor needs to provide proof of insurance

  • If you use QuickBooks, run the 1099 Wizard before year end to see what information is missing

  • provide 1099-Misc before January 31st


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