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