It’s getting near the end of January and, if you’re a US-based business, that means you’re likely facing a couple of tax-related deadlines.
- If you hire freelance contractors of any sort, you need to get their 1099s to them by the end of the month.
- If you have employees, they need to receive their W2s by the end of the month.
You should also check with your CPA about any state or local reporting requirements.
Also, for all US-based businesses, there is a new reporting requirement that has nothing to do with your taxes: the Beneficial Ownership Information report. I wrote about it on the Architectural Photography Almanac; but, the short version is that if you are any sort of entity (LLC, corp, partnership) or if you have a fictitious business name (probably filed with your county authorities), then you will need to file one of these reports. Who needs to be named is more complicated than it first looks, but your attorney or CPA can help you out with that.
Oh, and that last thing? If your business was formed before Jan 1, 2024, you have all year to file that report; so don’t rush it but don’t wait until the last minute, either.
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