Closing the year in three months...

If you are an llc then nope not required ....it was an interesting switch we we went to the llc and added trucks , your book keeping has got to be on point and with all the equip financing payroll etc your relationship with a good cpa is worth more then gold imo

 

No requirement to send 1099"s for transportation, no matter how much was paid.

 

Get an accountant Now.

don’t wait because they will be busy.

Sole proprietor, llc, inc don’t matter, you need accurate records so ... you don’t need proof other than your own bank records and/or accounts receivable records, the irs has been lax in demanding proof of payment from those people you work for as long as your records are accurate, if anything they will go to the revenue source and tell them they need to produce their records to confirm yours.

 

When I was a sole proprietor, I received dozens of 1099’s. After I incorporated, I receive 2 or 3 maybe.

 

Don’t need then. Can’t rely on the numbers they provide. Your own accounting system will be most accurate.

 

This ^^^

You just need YOUR records, can’t rely on them to send them out.

You don’t need an accountant, a tax preparer can easily handle your small business. Mine charges about $250 for 1/2 sit downs a year.

We both prefer to do it this way: file extension early each year (free and no penalty), then we sit down in May or June when he isn’t busy and get r done. Low stress.

 

For our nine trucks that is a full time job ....we use let's truck but are going to move to quick books next year and Patriot software along ....trying to digitize things next year also ....we have binders for bank statements settlements and a 3 inch binder for each truck I think the bank statements and credit cards take 2 binders the settlements take three a year ....and a huge accordion file for reciepts ....my ex wanted a copy of everything to audit the llc for child support if the attorneys can't sort it out she has to pay .25 cents a page to get a copy we are averaging 4 to 5 thousand pages a year and she wanted five years .....ok still looking for the easier process

 

We use Quickbooks. I’d get started on that sooner then later. Now ideally and back date through this entire year. Worst case at the start of next year.