Businesses: E-file your 1099-MISC if you missed the 1/31/19 Deadline

If you are a business owner the deadline to file your IRS form 1099-MISC (non-employee compensation over $600) was  January 31st, 2019.

A Form 1099-MISC is required (with exceptions) for each person to whom you have paid  the following during 2018:

*At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest

*At least $600 in services performed by someone who is not your employee, rents, prizes and awards.

*At least $600 in other income payments such as medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, generally, the cash paid from a notional principal contract to an individual, partnership, or estate, payments to an attorney, or any fishing boat proceeds.

*If you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

 

i recommend you e-file your 1099s to get them done quickly if you missed the deadline. There are many sites like www.tax1099.com that provide this service (google “e-file 1099s”).  E-filing takes away the hassle of buying paper 1099 forms, filling them out and mailing them. E-filing also lets you avoid having to file the related IRS Form 1096 with the 1099-MISC IRS copies. The Form 1096 is a summary tax report that shows the totals of all types of 1099 forms including the 1099-MISC which is given to independent contractors and other non-employees. Form 1096 was also due on Jan 31st 2019.

The info you need to put on a 1099-MISC is: Vendor name,  Current address, Vendor’s tax identification number [SSN or ITIN(individual tax payer ID #) for individuals; or EIN(employer ID #) if the vendor is a business], E-mail address for receipt of electronic 1099s (if you go that route), & what you paid the vendor during 2018.