As a service-based business owner, you're likely sending and receiving 1099's each year. In the last episode we covered when to send them and today, we'll be discussing what to do when you receive one.

 

When you receive a 1099, it shouldn't be telling you anything you don't already know. If it is showing income that you haven't tracked elsewhere, now is your chance to figure it out because the IRS will be checking to make sure you've reported the correct income.

 

I'll also be sharing what to do if you mistakenly receive a 1099 or if you receive a 1099 with inaccurate information.

 

* Related episodes:

160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA

183. Is it Too Late to Elect the S Corp?

190. Live Q&A: Deducting Startup Costs in a New Business

 

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.