Form 1099 – MISC Preparation

October 30, 2017

Taxes can be stressful without the proper organization and preparation. You can get ahead of the 1099 process by getting organized now. You need to prepare Form 1099 – MISC if you have paid contract workers $600 or more in the calendar year. Reviewing your documentation now will make it easier to meet the January 31st Form 1099 deadline.

The first step is getting a W9 form from each contract worker. The form will include their tax ID number, name and address. Keep in mind that the IRS expects you to get W-9s from contractors when they are hired, or you should withhold taxes from their compensation and remit to the IRS. It is your responsibility to obtain this information, but if you’re having difficulty, follow these steps outlined by the IRS.

You can’t print the Form 1099 from the IRS website. The IRS uses a special red ink that can be scanned and the official version of the form is only available at an office supply company, a software company or order online from the IRS.

When filing Form 1099 – MISC you must also send an accompanying form 1096 for each different type of 1099 your company is filing. If you e-file, you don’t need to include 1096 forms.

Filing Information Returns Electronically

Don’t wait until January to get started. mAccounting can assist you with any questions you may have about filing 1099s or we can do the preparation and filings for you in a quickly and inexpensively.