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Are you ready to fill out your 2010 1099 forms? Well ready or not, it is the month of January also known as Form 1099 season. So if you have a small business, you need to make sure that you have your 2010 1099 forms in order. So if you are confused about what you need to file, here are some frequently asked questions and 2010 1099 instructions that you can use:
What is a Form 1099?
Form 1099 is a form used to report the miscellaneous income for individuals and companies who have been paid $600 or more during the calendar year for non-employee service payments, according UCLA Tax Services. These payments do not include royalty payments of $10 or more. Form 1099 typically involves payments made to independent contractors such as attorneys, performers, physicians, rent, and guest lecturers or speakers. Any wages and compensation paid to employees go on a W-2 form, not a 1099 form.
What Is the Deadline To File A 1099 Form?
For small businesses, it is important to note that January 17 is the deadline to send final estimated tax payments.
The normal deadline for small businesses (payer) to mail out 1099 forms is January 31, but Forbes Blog notes that a taxpayer has until the end of February to send copies to the IRS.
Where Can I Get Form 1099?
You can order tax forms from the IRS website if you are a payer. Otherwise, you can expect a form to be mailed to you from a payer.
While these are just a primer of the tips available, for more information, please visit our Related Resources for more information on 2010 1099 instructions or 2010 1099 forms.