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TaxMan123.com
United States of America IRS Tax Information
IRS Form 1099-Miscellaneous - Form 1099
You as a payer have to issue a 1099MSC form to any person or independent contractor that you have paid at least $600 in service fees, rent, or any other income payments, including fishing boat proceeds.
Take the time to read the instructions so that you don't overlook anything important.
They should have given you a completed W9 form that states the nature of their business and Soc. Sec. or Tax ID number as well as their address.
It is available as a W9 form in Spanish.
You can send them one in advance and request that they fill it out and return in to you before the deadline.
Read about the W9 form here.
This site is an excellent source of what you would want to know about a W9 Form and can answer almost any question about the form and other related forms of a similar nature.
Generally, you are not required to report payments to a corporation.
The 1099-C form is for cancellation of debt.
It is a multi-layered carbon form; therefore, you have to be sure that all information on the top copy is transferred clearly through to the other copies.
Let me suggest also reading the W9 Form Print Page
Or read www.printw9.com
There is a new 1099 now called the 1099K for the situation where you sell something on Ebay, for example, and the credit card companies or Paypal has to let the government know how much you made on the sale for tax purposes.
The idea is that people are making money with online sales and not paying tax on the money they get.
Read more about the IRS 1099K form at www.1099Forms.org.
Why We Exist
We want you to be more informed.
A lot of people break out in a nervous sweat and get the shakes when it comes time to file their taxes.
The first time that I tried to file by myself left me with a feeling of confusion because I did not bother to read any information about how to go about it in a fair way, a way that didn't leave me broke and living in a cardboard box in the alley.
I just had at it without reading anything and it was overwhelming. I assure you that after all these years I won't get into a difficult situation like that without any proper info and good forms to file.
Some folks just file as fast as they can to get it over with. They loose out on a bunch of legitimate deductions and allocations that could have saved them a ton of money at tax time.
I would rather be getting a nice tax refund than pay the IRS a lot of money. Pay attention to the details.
