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Video instructions and help with filling out and completing 1099-s inherited property sale
Instructions and Help about 1099-s inherited property sale
Hey guys Todd young here it's getting late 11:59 p.m. I've been here at the office for a while since like I'm always here at the office when it comes to tax season but anyway what I want to talk about in this video or 1099s we've been working for the last month to send those out on behalf of our clients and you know something we had to send out ourselves and I want to talk a little bit about that to make sure people understand what that's forward what that does you know anybody that you pay more than six hundred dollars in a year from your business to who provide services to you okay if you if you pay them more than six hundred then you've got to send them a 1099 the purpose of that form what happens is that one copy goes to the IRS one copy goes to them and so then if they don't get a report on their tax return the IRS knows about it and they get a letter it's kind of the way that it works out but you know the IRS has said that the cash economy's their biggest issue I mean that's where they really aren't collecting all the tax they have do because people just aren't tracking these payments back and forth and you know the way our tax code works is that you know if you get income for work that you've done then you pate at you're supposed to pay tax on it reported on your return pay tax on it whether you get a 1099 or not but the the 1099 system is set up to kind of keep people honest if you're an employer if you're a payer right you have a business and you hire someone to do some work for you you know a good practice there is to get a form w-9 up front and and what you do basically is you hand in that form they fill out name address either social security number if it's an individual or the federal ID number if they're a business and it gives you all the information that you need at the end of the year to do that 1099 because what happens is if you pay somebody you can get that form and you know you're calling them in January because you got to send them a ten nine sometimes they just don't answer so anyway it's on you as a payer to get that reported the IRS and forces out there's some pretty bad penalties so just you know keep your record straight get those W nines and I should give you everything you need to send those those forms out at the end of the year so that's it for now thanks.