1099s - A Good Reminder for Investor Newbies

[January Johnson]

Since today is the deadline to file 1099s with the IRS for all contract workers, I thought I'd share a simple "best practice" for getting the paperwork done.

Print out a short stack of W9 forms to keep in your car or bag, and hand one to EACH vendor upon your first meeting (or at least before you pay them).  This way, you won't have to chase them down for one later.  

Also, if they balk at completing one (which doesn't happen to me much anymore), you'll know they're a tad shady, and you can choose whether to work with them or not UP FRONT.  I pay NO ONE "under the table".  If I have to pay taxes on my income, SO DO THEY!

Does anyone else have a best practice for getting this key admin task done ?

[Nathan Gesner]

Quote from @January Johnson:

I'm very similar. I have a small "packet" that explains how my company operates, when I pay, a form for their contact information/licensing/etc, and then the W-9.

My rule is that they can work for me before turning in the W-9, but I won't pay them until I get it back.