As the year continues to fly by, tax season looms ahead. You’re a business owner--you know that this time can be hectic and confusing. You’re probably familiar with the frustration that comes with exploring your year-end reporting requirements for entities that you have hired to perform services during the calendar year. What forms do you need to file? What kind of people do you hire? What’s the difference between an independent contractor and a regular employee? One of the most daunting aspects includes Forms 1099 and Forms 1098. But, if you’re going to get these forms out by the January 31st deadline, you should start as soon as possible.
Read on to discover more about 1099s and 1098s, and see how you can make tax season a whole lot easier.