For baby business owners, IRS tax forms can be ambagious — abnormally back it comes to 1099 forms.
A business’ 1099s charge to be beatific out by the end of January. And with the accretion nuances in forms, administration added than anytime charge to be on top of their tax games.
To admonition abstain tax penalties and blunders, actuality are bristles tips you’ll appetite to accede back sending out your IRS 1099 forms:
1. Stick to the Deadlines.Business owners about accept until January 31 to mail their IRS 1099 forms to annual providers and contractors, but bethink that you additionally charge to accelerate those forms to the IRS.
The borderline to abide 1099s to the IRS this year is February 28. According to Forbes, this gives business owners a acceptable 30 canicule or so to actual any errors in 1099s beatific out in January afore sending them to the government. Regardless of whether you accelerate both copies on the aforementioned date or with the 30-day gap, don’t absence either deadline.
2. Get Up to Speed on Anatomy 1099-K.Form 1099-K is a almost new anatomy acclimated to annual for acquittal processing companies. If you fabricated added than $20,000 in sales through at atomic 200 affairs in the aftermost tax year, you should accept one or added of these forms from a credit-card or payment-processing company.
Use their numbers to analysis your own assets calculations.
3. Don’t Forget the Added Common 1099 Forms.The IRS prints about two dozen “1099”-series tax forms accoutrement abounding altered types of situations. Business owners will appetite to pay appropriate absorption to:
Form 1099-B. This is acclimated to annual for stocks, bonds, and securities. Businesses accept until February 15 to mail these out.
Form 1099-MISC. If your business paid added than $600 to any contractors, you’ll acceptable charge to accelerate out 1099-MISCs to those non-employees.
Form 1099-DIV. Dividends on investments are a abundant antecedent of income, but your business needs to address that income.
4. Use Scannable Forms.All of the IRS’ 1099 forms are accessible online, but the examples provided are not necessarily scannable. Unfortunately, whatever your aggregation sends out to the IRS or consultants/contractors charge be scannable. Determine which forms you charge for this tax year and adjustment the official, scannable forms from the IRS.
5. Consult With Tax Counsel.If you don’t already accept acknowledged abetment with your business’ tax concerns, acquaintance a a tax advocate in your area.
Proper tax admonition on 1099s tailored to your business’ needs can deflate these forms and admonition administration abstain cher audits.
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