If you’re a business owner with employees, it’s important to acquaint yourself with most of these forms, but today we’re going to focus on Form 1099-MISC!
About Form 1099-MISC
Form 1099-MISC is used to report miscellaneous income given to an individual for services that are not considered a wage-paying job. You must file a Form 1099-MISC for each person for whom, in the previous year, you paid:
- At least $10 in royalties or broker payments made in lieu of tax-exempt interest or dividends
- At least $600 in
- Rents
- Nonemployee compensation
- Prizes/awards
- Medical and health care payments
- Crop insurance proceeds
- Fishing boat proceeds
- Cash payments for fish or other aquatic life
- Cash paid form a notional principal contract to either an individual, partnership, or estate
- Payments to an attorney
Form 1099-MISC follows your general information return deadlines for the most part. That means that your tax year 2016 recipient copies of Form 1099-MISC are due by January 31, 2017. If you’re paper filing, 1099-MISC Forms must be sent to the IRS by February 28, 2017, and if you’re e-filing they’re due by March 31, 2017.
But for the 2016 tax year, things are getting a little mixed up with the Form 1099-MISC deadlines. If you’re filing Form 1099-MISC to report nonemployee compensation in box 7, the deadline to have this form to the IRS regardless of filing method is January 31, 2017. So prepare for that if you’re filing Form 1099 this year.
E-filing Form 1099-MISC
And, of course, one of the best ways to prepare for your 1099-MISC filing is by signing up with ExpressIRSForms! We’re IRS-authorized (so you know you’re safe), our program’s cloud-based (so you can take it anywhere), and we’ve done everything possible to ensure your e-filing is done more quickly and easily than ever. We’ll even mail your recipient copies out for you once you e-file so you don’t have to!
Check out our website to sign up for an account today! And if you have any questions, don’t hesitate to give us a call. We’re available by phone at 704-684-4751 and live chat Monday through Friday, 9:00 a.m. to 6:00 p.m. EST, and we offer 24/7 customer assistance through support@ExpressIRSForms.com!
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