In this day and age, there are already lots of tax forms in existence. One of these forms is the 1099-MISC. This actually refers to the tax being given by the state or government as a report concerning miscellaneous incomes. This includes the payments for awards or prizes, non-employees incomes, rents, and royalties. Thus, if you are paying a particular person for at least $600 even if that person is not your official employee, then you need to make sure to prepare, file, and submit a 1099-MISC form. This is actually an important task which you should not forget because unable to file tax would mean a problem on your part in the long run.
The following are the guidelines on how to file 1099-MISC:
1. Verify that you have really paid your contract worker a minimum of $600 within a single year period of time.
2. Make sure to include payments which have something to do with your business only.
3. Acquire a Miscellaneous Income Form or simply 1099-MISC form.
4. Write down your federal identification number either your EIN or SS as a business tax payer.
5. Write down your contract worker’s SS identification number.
6. Note down the exact amount of money you gave to your contract worker in the Non-employee Compensation box.
7. Don’t forget to write out your complete name, address, and contact number as well as the name and address of your contract worker.
8. Give the appropriate copies to your contract worker, IRS, and tax revenue department.
9. Keep your own 1099-MISC copy.
The aforementioned guidelines on how to file 1099-MISC may seem so onerous to do. However, the guidelines or instructions mentioned are really important to perform your duties as a responsible citizen of your state.
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