If you're a business owner and you've paid someone for business services (advertising, marketing, subcontractor, virtual assistant (VA), Online Business Manager (OBM), etc) $600 total or more in the 2020 calendar year (January 1, 2020 to December 31, 2020) and you're both either US citizens or US residents, then you'll need to issue the contractor a 1099.

What a 1099 does is report the money that you paid the contractor to the IRS, which then prompts the IRS to expect the contractor to claim the money you paid them as income on their tax return.

If you don't create, file, and send 1099s by February 1, 2021, you can face penalties of up to $250 per 1099! Even better, effective for 2020, Non-Employee Contractors (NEC), payments have to be filed on a new 1099-NEC form this year.

But I've made it easy for you to get your 1099s knocked out with my help this month!

Each 1099 is only $20, so you can add up how many you have, type them in the quantity box and checkout! Once you've checked out, you'll get an email with the next steps and prompting you to send over the information you have so we can get those 1099s prepped and sent out well before the IRS deadline! If you have more than 20 1099s to be prepared and filed email me at hello@thefreelancecfo.biz.

Think you need more help than just 1099s? Send an email to hello@thefreelancecfo.biz and we'll get back to you in the next day!