Questions About 1099

Preparing for the Filing of Form 1099
Since there are many versions of the 1099 forms, it is best to be prepared in filling these out to avoid any discrepancies. A 1099 form is an informational return form that is filed to the IRS so that they can keep track of money paid to independent contractors or freelancers and check if the income they have filed is correct.

Preparing for the Filing of Form 1099

To prepare for filing these forms, make sure you have the correct 1099-MISC form which comes in triplicate for your own copy, a copy for the independent contractor or freelancer, and one for the IRS. On the form itself, information that you will need to enter are your name or the name of your business, your full address and telephone number. You will also need to input your tax identification number as well as the tax identification number of the independent contractor or freelancer you are issuing the 1099 to. You will also need to enter their names and full addresses.
There will also be boxes provided for the dollar amounts which include Rents, as well as nonemployee compensation which is the most common box filled. If you are not sure as to which box to fill, use this box.
Once you are done filling out the forms, you will need to send them off with another form called the 1096 which is a one-page information sheet which summarizes the 1099 forms you will be filing. These forms are due on January 31st for the independent contractors, and on the February 28th or March 31st for the IRS depending if you are filing it through mail or electronically.

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