Bookkeeping and its importance for issuing 1099's.
Yoseph Shomer, CPA
CPA for all your business tax needs | Professional. Patient. Personal.
Now is a great time to work on your accounting and bookkeeping for 2024.
Bookkeeping is critical for business owners to know and understand their business's financial progress and to assist them in making the smartest decisions with the available data.
In addition to preparing taxes, bookkeeping is needed to be able to prepare and file 1099 NEC’s which are due 1/31/25.
The way to issue 1099’s is to identify which vendors received over $600 for services performed as an independent contractor, and this can only be done with a clean set of books.
Because 1099’s are due 1/31/25, there is not so much time to catch up with the bookkeeping last minute and to issue the 1099’s.
It’s highly recommended to work on the bookkeeping throughout 2024 for bookkeeping for 2024 or at least start now rather than wait till later.
Reach out to your accountant or bookkeeper to start the process of getting your books in order.
Have a question about this or another tax-related matter? Feel free to reach out!
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Cloud Bookkeeper and Accountant For Entrepreneurs & Small Business Owner| Accounting and finance enthusiast| Cost & Management Accountant
1 个月Crucial time for prepare 1099!