Year-end means 1099 season. Dr. Friday explains who should get a 1099-MISC or 1099-NEC and why Form W-9 is so important.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Very soon we need to be issuing our 1099 miscellaneous or 1099 NECs for anyone that provided services for us. That would include all of you that have rental properties—your lawn man, your repairman, your handyman, your roofer.
If he’s an LLC—anyone that is operating as LLCs or partnerships or sole proprietors—the only person we do not 1099 is if their company has an Inc.
Only way we really know that is to have them complete a Form W-9. Have that on file at your office so if there is ever a question on what you need to do, then you have that right there to prove you did not need to 1099 them.
Get your numbers together so you can do that on time. Call us at 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.