01/22/2026
🚨 Small Business Owners: Don't Get Hit with IRS Penalties! 🚨
Did you pay a freelancer, contractor, or vendor $600 or more for services in 2025?
If yes, you MUST issue a Form 1099-NEC by February 2, 2026 (since Jan 31 falls on a Saturday). This applies to non-employee compensation like consulting, repairs, or professional fees—not goods or payments to corporations (exceptions for attorneys and medical pros).
Key IRS Requirements:
Get a W-9 from payees to collect their TIN.
Report only payments for services in your trade or business.
If you withheld federal taxes (backup withholding), include that too.
File electronically if you have 10+ forms to avoid headaches.
Late filing can cost $60–$330 per form—ouch!
Beat the deadline and stay compliant! DM us or call at 720.515.1661 today. Let's make tax season stress-free! 💼📊