Before you know it, it will be time to start the year-end closing procedures for your business. Part of those procedures will be to file your annual W-2s, 1099s, and all other required payroll reports. It can be quite overwhelming. Here are a few helpful tips to make it a little smoother.

 It is important to remember that the W-2s are required to be mailed to your employees no later than January 31. Before you send them out, be sure you check that the social security number is correct, as well as their address.

When completing the W-2s for your employees, you will also be completing your 4th quarter IRS Form 941, state unemployment report, and your annual IRS Form 940 report. But don’t forget you also have to make your 4th quarter 940 payment this month.

All of these things also have to be completed by January 31, 2009.

Let’s not forget about those 1099s. These have to be sent to individuals that you paid over $600 in 2008, for a service.

Throughout the year, anytime you have someone performing services for your business, you should have them fill out a W-9. If you do this, than you will have all of the information need to complete the 1099s at the end of the year.

The 1099s are to be mailed to these individuals who performed services and are required to be postmarked by January 31, 2009.

Even though the W-2s and 1099s must be mailed to the individuals by January 31, 2009, the government copies of these forms are not due until February 28, 2009 if you are filing paper copies or March 31, 2009 if you file them electronically.