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Economics - Psychology's Neglected Branch
"It is impossible to describe any human action if one does not refer to the meaning the actor sees in the stimulus as well as in the end his response is aiming at." Ludwig von Mises Economics - to the great dismay of economists - is merely a branch...
FILING: How To Find What You Need When You Need It
Filing: How To Find What You Need When You Need It Nobody enjoys filing, at least nobody I?ve ever met. But like it or not, keeping track of paper information is crucial to living an organized life or running a successful business. The biggest...
The Art Of Employee Motivation
If you think that your employees' poor performance on their
designated jobs is costing you a whole lot of lost profits, then
instead of just doing a total overhaul of your employee roster,
why not try to do some employee motivation tactics to get...
The Cost of Raising Money
The Cost of Raising Money by William Cate Only your family, friends, governments and fools ignore basic funding guidelines. These costs have evolved over time because they reflect the cost of helping the foolish find the foolish. To raise money,...
The Typology of Financial Scandals
Tulipmania - this is the name coined for the first pyramid investment scheme in history.
In 1634, tulip bulbs were traded in a special exchange in Amsterdam. People used these bulbs as means of exchange and value store. They traded them...
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1099 - MISC Forms For Independent Contractors For 2005
As we begin 2005, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.
What is a 1099 MISC?
Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MISC form is a single page on which you report to total amount you paid to the independent contractor during 2005.
The 1099-MISC forms must be issued to any person you paid at least $600 in rents, services or other income payments. For example, if you hired a contractor to renovate a room in your home and paid them $5,000, a 1099-MISC filing would be required. As with practically any IRS filing, there are additional situations that require a 1099 filing. Any payments to attorneys must be reported regardless of the amount. Royalties totaling over $10 also must be reported. Generally, you are not required to report payments to a corporation.
When and What Must Be Filed?
The 1099-MISC form is a multi-layered carbon form, so make sure the information you provide appears clearly on all of the copies. Once you fill out the form, provide Copy B to the person you are reporting to the IRS by January 31, 2005.
Copy A of the 1099-MISC form is intended for the IRS. You must file it by February 28, 2005 if you are sending the form by mail. If you prefer to file electronically, you have until March 31, 2005.
The IRS has made a major effort to cut down on red tape, but you’ll still
find it with 1099-MISC filings. In addition to filing the 1099 with the IRS, you must also file a 1096 form. The 1096 form is the “Annual Summary and Transmittal of U.S. Information Returns” form. It is one page and extremely easy to fill out.
Although the IRS has an excellent web site, you can’t download 1099 forms off of it. The official forms are still multi-layered carbon paper, which means you need to get a physical copy. The IRS should send you the forms in the mail. If they don’t, you can order them off the IRS site or call the IRS to have them sent to you. If all else fails, you can usually find the forms at major post office and public library locations. If you fail to file 1099s, the IRS will penalize you $50 per 1099.
More than a few people have grumbled about filling out 1099s so early in the year, but doing so has indirect benefits. You are forced to start organizing your records for 2005.
About the Author: Richard A. Chapo is with http://www.businesstaxrecovery.com - recovery of business taxes through tax help and tax relief. Visit http://www.businesstaxrecovery.com/articles to read more business tax articles.
Source: www.isnare.com
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