Resources for Preparing Form 1099-MISC for Small Businesses

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Self-employed persons and businesses of any size are required to report payments for services rendered by independent contractors by using Form 1099-MISC.

Form 1099-MISC is used to report a variety of different types of payments, including payments for services performed by non-employees, for legal services, for medical care payments, and for rent.

In general, Form 1099-MISC is required if:

  • the person making making the payment is engaged in a trade or business,
  • if the person receiving the payment is not a corporation, and
  • the total of all payments throughout the year to the recipient was at least $600.

There are nuances, but this is the general idea. For more specifics, see Reporting Income Payments Using Form 1099-MISC.

There are three relevant deadlines when it comes to Form 1099-MISC:

  • By January 31, 2014, provide a copy of the 1099-MISC to the vendor or contractor, and
  • By February 28, 2014, mail the 1099-MISC forms to the IRS, or
  • By March 31, 2014, electronically file the 1099-MISC forms with the IRS.

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