1099 Forms Are Due Today!
Posted 02-02-2009 at 11:32 AM by kristinecpa
If you have independent contractors who do work for you, today is the last day to prepare and issue 1099s for them. January 31 is the official due date, but since it falls on a Saturday this year, you have until Monday February 2 to complete your forms.
Basically, you must prepare a 1099-MISC if you paid $600 or more to an individual to perform services for you. Some examples would be web designers, eBay assistants, virtual assistants, affiliates, accountants, etc.
You should get the name, address and social security number (or Federal EIN) from any person you expect to send a 1099 for.
You need to send copies of the 1099 to the recipient, the IRS and the state tax department.
While you can buy the forms and prepare them manually, I prefer to use an online service called FileTaxes.com Easy 1099 & W-2 Filing for Businesses - www.FileTaxes.com.
If you also receive 1099s as part of your business, you can learn how to report your 1099 income, as well as deductions you are entitled to by reading Reporting 1099 Income.
Basically, you must prepare a 1099-MISC if you paid $600 or more to an individual to perform services for you. Some examples would be web designers, eBay assistants, virtual assistants, affiliates, accountants, etc.
You should get the name, address and social security number (or Federal EIN) from any person you expect to send a 1099 for.
You need to send copies of the 1099 to the recipient, the IRS and the state tax department.
While you can buy the forms and prepare them manually, I prefer to use an online service called FileTaxes.com Easy 1099 & W-2 Filing for Businesses - www.FileTaxes.com.
If you also receive 1099s as part of your business, you can learn how to report your 1099 income, as well as deductions you are entitled to by reading Reporting 1099 Income.
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