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1099 filing question from company side. Who do I have to submit 1099s for?
Based on my understanding of what I was just reading, I'm supposed to send a 1099 to my patent lawyer, my general business lawyer, my accountant, and 4 people that do more than $600 of contract business for me, since none of them fall under the "corporation" exception?
Never knew that- never did it in the past, but if thats what I'm supposed to do I guess I'll start doing it. Am I reading this right?
Where can you get the forms? Where can you figure out if theres anything else I have to submit?
I don't have employees, so I thought I was clear, but I also read something about a W-2G or something which I've also never heard of.
can someone put this in layman's terms for me? Where do I have to go to get what forms and do what with them, for these independent contractors? (yeah I know It's 13 days past the deadline, but I at least should know what I'm supposed to do since I haven't done it before)
1 Answer
- jlLv 71 decade agoFavorite Answer
go to the tax forms place at the IRS.gov. you'll need two forms, the 1096 (that's where you list all your 1099's that you send out) and the 1099-misc form. You should do that quick, and inform all your recipients that your' late in sending them 1099's. Those were supposed to be sent by Feb 1.
You also can't download the forms, you MUST use originals from the IRS, and You will also need an employer id number, that will go on the 1099, 1096 forms. You get that number online at the IRS.GOV website too.
the total of the 1099-misc expense, (listed on the 1096) you get to deduct on your Schedule C form, so you really want to do this; even for the under $600 ones. You have been paying the taxes for these folks for years if you haven't issued 1099's.
The 1096 is not due until mar 01.
Its actually not that bad.
Source(s): sole proprietor, who has been submitting 1099, 1096's schedule c, for years. - and doing his own taxes, with excel.