As a self-employed person, one of the most important aspects of financial management is staying current on all of your 1099s. Accurately filing all 1099s for the past fiscal year is essential for complying with revenue regulations and staying ahead of potential fines or other taxes. Here are some tips to help you stay on top of your 1099s as a self-employed person.
1. Manage your records – Keep detailed records of all of your income sources, expenses, and deductions. Make sure you include the necessary information to file 1099s accurately by the deadline.
2. Separate your personal and business finances – When it comes to tax filing, it’s important to separate your personal and business finances. Otherwise, you may end up with inaccurate 1099s and an increased tax burden.
3. Determine what kind of 1099s you need to file – Different types of income will require different 1099s.