← 10 Year-End Small Biz Tax Tips

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By Elayne Fluker | Published October 5, 2011 | Full size is 620 × 480 pixels

Remember Issue 1099 for contractors that have been paid over $600 for the year. At the end of the year, all the amounts that you’ve paid to contractors (where the company doesn’t deduct taxes) require you to issue a 1099 if you paid them more than $600. Consult with a CPA to assist you with determining amounts paid to contractors for the year. “For you to deduct it as a business expense, you need to prepare a 1099 and report it as an expense on your taxes, and they need to report it as income,” says Bill Hampton.

Remember Issue 1099 for contractors that have been paid over $600 for the year. At…