7 Things To Know About 1099 Forms
Dear <<First Name>>,
Tax Form 1099 season is upon us. Whether you are a self-employed contractor, vendor, or business owner, chances are you are not fond of these mysterious 1099 Forms. However, the IRS takes these forms very serious because they allow the agency’s computers to keep tabs on taxpayers as they match nearly all 1099s and W-2s (those are the wage report forms from your employer) against your 1040 and social security number.
These forms are due to tax payers by January 31, 2019. If you are expecting to receive a form in the mail, or issue one, here are a few tips to help you avoid potential penalties:
- Business Owners: Those who own a business, must issue a Form 1099-MISC to each person to whom you have paid at least $600 in rents, services, prizes and awards, or other income payments. If paying rent to a Management Company, you will not need to issue your landlord one.
- Tax Payers: 1099 forms are used to report income that is potentially taxable to you. There are at least seventeen 1099 forms. You will receive a 1099 form in the mail if you received certain types of income during the year. Generally, you must report the income that is potentially taxable to you.
3. Deadlines: The normal deadline for issuing Forms 1099 is January 31 for mailing them to taxpayers...