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It’s time for business owners to file their 1099′s.
Here are 5 Easy Steps to do this:
Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year. Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »
Two simple questions were added to the income tax returns last year. These were:
“Did you make any payments in 2011 that would require you to file Form(s) 1099?”
“If “Yes,” did you or will you file all required Forms 1099?”
1) Payments made to independent contractors. Payments to independent contractors over $600 need to be issued a Form 1099-Miscellaneous. This form needs to be issued to all unincorporated vendors. An unincorporated business is one that is a sole proprietorship, partnership or limited liability company (“LLC”).
Do you file a Schedule C, Profit or Loss From Business or Schedule E, Supplemental Income or Loss (From Real Estate or Partnerships)? If so, you will notice there are 2 simple questions that have been added to these forms. They are:
“Did you make any payments that would require you to file Form(s) 1099?”
“If “Yes,” did you or will you file … Continue reading »
January 31st is the deadline to furnish Form 1099- Misc. to recipients.
The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient. This category includes payments made by businesses as fees to attorneys, service providers and freelancers. Other types of payments covered by the 1099-MISC include reimbursement for auto expenses, awards and bonuses, commissions, prizes and vacation allowances for non-employees.