| The thrill of New Years has barely worn off, yet it is | | | | but not for most corporations you paid. |
| already time to get back to the grindstone. In this case, | | | | So, when do you have to file these things? Well, the |
| we are talking about tax season. The issue? Any | | | | first deadline is February 1, 2010. I’ll wait while your |
| 1099-MISC filings need to go out in the mail soon. | | | | recover from your fainting episode because it is going |
| What is the 1099-MISC tax form? It is what is known | | | | to get better. Ready? You can’t download the |
| as an IRS information return form. Being a tax form, | | | | form from the web. It is a triple carbon copy form like |
| there are a ton of situations where it is or isn’t filed. | | | | they used to use in the old movies. This means you |
| In general, you need to prepare and file the form for | | | | need to get out and hustle about town to find the |
| any independent contractor you paid $600 or more to | | | | form. A local IRS office will have one, but try not to |
| for a business purpose during the tax year in question. | | | | meet anybody eye to eye if you know what I mean. |
| Consider an example. | | | | Alternatively, most central libraries have the form as |
| It was a rough business year. In hopes of digging up | | | | well. If worse comes to worse, you can order the |
| some business, I paid my 17 year old neighbor to build a | | | | form from the IRS but you will have to pay for it. |
| website for my business. He did a smash up job and I | | | | Is there any good news? Yes. The February 1st |
| am happy with the website. If I paid him $500 for it, I do | | | | deadline is only for the copy that goes to the |
| not need to file a 1099-MISC form because it | | | | independent contractor. The version that is filed with |
| doesn’t meet the $600 threshold. If I paid him $1,000, | | | | the IRS isn’t due till March 1st. I’ll wait while you |
| the opposite is true and I have to do the filing. This is | | | | take a deep sigh of relief! Now get moving and get |
| true for anyone you paid over $600 during the year, | | | | those forms filed! |