![]() |
Bookmark This Page Ctrl + D |
IRS Form 1099-Miscellaneous - Form 1099You as a payer have to issue a 1099-MISC form to any person or independent contractor that you have paid at least $600 in service fees, rent, or any other income payments, including fishing boat proceedsTake the time to read the instructions so that you don't overlook anything important. They should have given you a completed W9 form that states the nature of their business and Soc. Sec. or Tax ID number as well as their address. You can send them one in advance and request that they fill it out and return in to you before the deadline. Read about the W9 form here. Generally, you are not required to report payments to a corporation. The 1099-MISC form is a multi-layered carbon form therefore you have to be sure that all information on the top copy is transferred clearly through to the other copies. Once you have filled out the form, you must provide Copy B to the person that you are reporting to the IRS by January 31. You are going to have to file an additional form if you are filing Copy A of the 1099-MISC by mail. The good news is, that you can go down to a library or post office and get them or go to your local IRS office and pick up the forms (let's hope that they aren't all out of them) or you can order forms from the IRS . Call 1-800-tax-form or order them to be shipped directly to you from of the IRS website. That would be my last choice because it can take more than 2 weeks to get them by mail. Let me suggest also reading the W9 Form print page and find more useful tips at www.IRS.gov
|
||