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Deadlines Approaching For Filing 1099s For Independent Contractors

While the middle of January may seem a bit early to begin
thinking about taxes, 1099-MISC filing deadlines are looming
for businesses. Generally speaking, IRS 1099-MISC is the
form used to report miscellaneous income that you paid to
persons during 2004 in the course of your trade or business.

Does This Apply To My Business?

The 1099-MISC forms must be issued to any person that you
have paid at least $600 in rents, services or other income
payments. Typically, you should issue the form to any
independent contractor that you paid $600 to during 2004.
For example, if you paid a designer $1,500 to build and
maintain a website in 2004 for your business, a 1099-MISC
filing would be required. As with practically any IRS
filing, there are additional situations that require a 1099
filing [ex: any fishing boat proceeds], so make sure you
cover your bases by looking at the relevant instructions.
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 have filled out the form, you must
provide Copy B to the person that you are reporting to the
IRS by January 31, 2005. Using our previous example, you
would mail Copy B to your website designer before the end of
January.

Copy A of the 1099-MISC form is intended for the IRS. You
are required to 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 to file the
form.




Revealing a particular flair for red tape, the IRS requires
you to file an additional form if you are filing Copy A of
the 1099-MISC by mail. In such a situation, you must file an
"Annual Summary and Transmittal of U.S. Information Returns"
form. This summary is better known as Form 1096 and you
should have already received a copy of it in the mail from
the IRS.

Where To Find These Forms

To the surprise of many people, the IRS has an excellent
website containing information and tax forms. Unfortunately,
the site is fairly useless when it comes to obtaining tax
forms that you can actually file. You cannot download and
use any 1099 form from the website. If you try to print
forms from the site and use them, you run into two problems.
First, the IRS computers will not be able to read the forms
and will reject them. Second, it is doubtful that you will
be printing on multi-layered carbon paper, which means you
will have no Copy B of the 1099. Obviously, either situation
can attract unwanted attention from the IRS.

You can order forms from the IRS by calling 1-800-tax-form
or ordering them off of the IRS website [do not download].
The IRS suggests it typically takes at least two weeks for
the forms to be delivered, but keep in mind that it may take
longer. If you need the forms sooner, you usually can find
them at libraries and post offices.

About the Author

Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses by finding
overlooked tax deductions and credits through a free tax return review.

 

Internal Revenue Service
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
www.irs.gov
 
Tax Information for Individuals
Access to useful information, booklets and other tools from the Internal Revenue Service.
www.irs.gov
 
Tax Center - Yahoo! Finance - Tax forms, tips and calculators.
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ...
tax.yahoo.com
 
Taxes: Tax Planning, Tools and Advice - MSN Money
Microsoft's Tax Preparation site, in association with Tax Server.
moneycentral.msn.com
 
Tax - Wikipedia, the free encyclopedia
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ...
en.wikipedia.org
 
H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ...
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information.
www.hrblock.com
 
TaxCut Online | H&R Block | Online Taxes, File Taxes Online ...
File your Taxes online with TaxCut Online. Learn how to file taxes online here.
www.hrblock.com
 
Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ...
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing.
turbotax.intuit.com
 
Taxes & Estates, Tax and Estate Planning Advice - Forbes.com
Personal Finance - Get tax and estate planning advice and information from Forbes.com.
www.forbes.com
 
Essential Links to Taxes
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ...
www.el.com
 
Government > Taxes in the Yahoo! Directory
Yahoo! reviewed these sites and found them related to Government > Taxes.
dir.yahoo.com
 
Taxes - Tax News for Home and Business from CNNMoney
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons.
money.cnn.com
 
The Tax Foundation - Educating Taxpayers Since 1937
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government.
www.taxfoundation.org
 
Welcome to the Vermont Department of Taxes
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ...
www.state.vt.us
 
Franchise Tax Board Homepage
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information.
www.ftb.ca.gov
 
HM Revenue & Customs: Home Page
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line.
www.hmrc.gov.uk
 
State and Local Tax
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ...
www.taxsites.com
 
Quicken.com
www.quicken.com/taxes/ - 3k - Cached - Similar pages
 
Tax news and advice from Bankrate.com
Information on all phases of tax planning and preparation.
www.bankrate.com
 
Online Tax Advice - Tax Preparation Help - Income Tax Tips
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ...
www.marketwatch.com
 
 

 
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