If I just double closed on a property and made my money, paid out the money to my bird dogs and bill of sale, what do I do about taxes? Do I need to pay taxes now? Do I send out 1099s now also?
Calculate your estimated taxes next year and file quarterly estimated tax returns if necessary.
For each person who needs is supposed to get one, send out a 1099 in January showing all income earned during the previous tax year.