If you are a self-employed individual or running a small business, check out 7 quick things you need to do BEFORE or by January 31, 2011 to stay in good graces with the IRS!
1. ISSUE 1099s - If you hired an independent contractor in 2010 or worked with a non incorporated business, you must issue 1099 by January 31, 2011. You still have until February 28 to actually report to the IRS giving time for any corrections, however you should ensure your contractors and vendors have received their 1099 by the 31st.
2. ISSUE W-2s - Did you hire any employees in 2010? Even part-time? Seasonal? Aside from ensuring you did apply for employer tax numbers, you should also ensure you submit your employees (even terminated ones) W-2s by the 31st. If you use a payroll service, check with them to ensure your payroll records are accurate and complete before issuing W-2s.
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