Buildium gives you access to our 1099 e-Filing solution a few weeks before filing officially opens with the IRS. You can start creating your batches early, verify your tax numbers and recipient information, and have it all saved and ready to go come January 1st. You’ll also be able to run reports easily from the batch, making sure that recipient totals are accurate. When you create and save a 1099 batch early, Buildium will automatically update totals when you return to the batch to file later. To get started, go to Accounting and 1099 tax filings.
Here are some more things you can do to prepare so that it’s faster and easier for you when it’s time to file:
- If you manage rentals, make sure you have ownership percentages updated. With this feature, Buildium will automatically split 1099 income based on the ownership percentages you have set up.
- Determine which vendors and rental owners aren’t eligible to receive a 1099 form. Buildium saves you time with the option to exclude them from the process so that they won’t appear in the list of eligible recipients when you’re creating a batch. Learn more.
To learn more about Form 1099s in general and get answers to frequently asked questions, see this article.