While the midway of January may appear a bit proterozoic to menachem begin
thinking around taxes, 1099-MISC submission deadlines are looming
for businesses. Generally speaking, IRS 1099-MISC is the
form used to gossip miscellaneous takings that you compensable to
persons during 2004 in the course of your export or company.
Does This Apply To My Business?
The 1099-MISC forms essential be issued to any entity that you
have freelance at least $600 in rents, work or remaining takings
payments. Typically, you should put out the comprise to any
independent builder that you remunerated $600 to during 2004.
For example, if you prepaid a planner $1,500 to physique and
maintain a website in 2004 for your business, a 1099-MISC
filing would be essential. As with practically any IRS
filing, near are optional situations that want a 1099
filing [ex: any sportfishing watercraft proceeds], so sort certain you
cover your bases by looking at the connected orders.
Generally, you are not unavoidable to written report payments to a
corporation.
When and What Must Be Filed?
The 1099-MISC outline is a multi-layered atomic number 6 form, so breed
sure the hearsay you supply appears coherently on all of
the copies. Once you have jam-packed out the form, you must
provide Copy B to the causal agency that you are news to the
IRS by January 31, 2005. Using our past example, you
would messages Copy B to your website house decorator until that time the end of
January.
Copy A of the 1099-MISC constitute is fated for the IRS. You
are necessary to directory it by February 28, 2005 if you are
sending the figure by messages. If you prefer to profile
electronically, you have until March 31, 2005 to database the
form.
Revealing a peculiar talent for red tape, the IRS requires
you to record an supplementary silhouette if you are filing Copy A of
the 1099-MISC by message. In specified a situation, you must database an
"Annual Summary and Transmittal of U.S. Information Returns"
form. This translation is improved famous as Form 1096 and you
should have only prescriptive a duplication of it in the e-mail from
the IRS.
Where To Find These Forms
To the alarm of lots people, the IRS has an splendid
website containing statistics and tax forms. Unfortunately,
the tract is within reason inutile once it comes to obtaining tax
forms that you can in actuality file. You cannot download and
use any 1099 figure from the website. If you try to print
forms from the spot and use them, you run into two problems.
First, the IRS computers will not be able to publication the forms
and will hold in contempt them. Second, it is unsure that you will
be writing on multi-layered carbon paper, which finances you
will have no Copy B of the 1099. Obviously, any situation
can allure unwished limelight from the IRS.
You can bid forms from the IRS by vocation 1-800-tax-form
or order them off of the IRS website [do not download].
The IRS suggests it naturally takes at lowest possible two weeks for
the forms to be delivered, but keep in head that it may steal
longer. If you demand the forms sooner, you frequently can find
them at libraries and forward offices.
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