Getting Ready For Form 1099
5th December 2008 by Tax Man No CommentsGetting Ready For Form 1099
After recovering from the holidays and New Year events, it is time to get ready for tax deadlines that will be fast approaching. The first of these deadlines comes on January 31st, when form 1099s are due. Form 1099 is an informational return form which is promulgated by the IRS for independent contractors or freelancers. These forms are to be filled out in triplicate: one for the payer, one for the IRS, and one for the payee.
Getting Ready For Form 1099
Filing a 1099 form is only applicable for those independent contractors or freelancers you have hired who have earned more than $600 in a calendar year. You will need to send this form first to the independent contractors or freelancers to the aforementioned deadline, January 31st, to check if there are any discrepancies. The forms are then sent to the IRS by the deadline of February 28th through mail or March 31st if filed electronically.
Forms may be sent by the IRS or you can order it from them online or by phone. It is not advisable to download them off their website as you will be needing the official physical triplicate carbon paper form. Should the delivery of the forms take too long, you can also get yourself a copy of these forms from major post offices and larger public libraries. Aside from the 1099 form, you will also need to accomplish a 1096 form which is just a one-page summary of the 1099 forms you have filed.
