1099’s Are Due Today!

How is it January 31st already? Don’t forget to send out or file online your W-2’s and 1099’s today. Who gets a 1099? You must send a 1099 when you’ve made payments to a contractor of $600 or more during the tax year in the course of your trade or business. The contractor must be an individual or partnership.Payment of $600 or more in rent for office space, machines, equipment or land in the course of your trade or business will also require a 1099 if the payment was made to an individual or partnership. There’s no requirement to send one for rent payments to a corporation.You must also furnish a 1099 to recipients of payments you made that include commissions, fees, interest, rents, royalties, annuities and any other type of compensation or income.If you need help, please let me know!

Leave a Comment

Your email address will not be published.