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Video instructions and help with filling out and completing Who needs Form 1099-S
Instructions and Help about Who needs Form 1099-S
Independent contractors receive 1099 forms rather than w-2s has a record of income earned taxpayers must take them very seriously because the IRS certainly does here are 10 important things to know about 1099 forms number one a business usually must issue 1099 to all the contractors it paid $600 or more during the year some exceptions apply though number two is there are many varieties of 1099 they're issued not just for income but also for interest dividends tax refunds unemployment benefits and more number three businesses usually must mail out 1099 s to contractors by the end of January for their previous tax year but exceptions may apply number four is to keep your information current contractors should notify businesses of new addresses or phone numbers number five is the IRS gets a copy too so don't think you can ignore a 1099 number six is to report errors to the payer immediately if the 1099 says a contractor earned $8,000 when she really earned $800 she should call the business number seven is to report every 1099 even if you disagree with the amount contractors who can't convince the payer to issue a corrected 1099 should explain the problem on their tax return number eight ignore a 1099 and you'll probably receive a Dunning letter from the IRS billing you for the money owed for example the IRS won't forget interest earned on a bank account number nine is to remember state returns to States get the same information as the IRS and number 10 if a business fails to send you a 1099 don't waste time and effort calling to remind them simply report the income on your returns contacting the business may turn into more trouble than it's worth.