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RSS FeedTax Tip #3 - 1099 Filing |
Posted at Saul's Notes by Saul Klein
Dec. 16, 2005
Categorized in: Tax Tips
Tagged with: tax tips
Did you pay a non employee such as an assistant, or a "virtual assistant"
$600 or more for services provided for your trade or business in 2005? How about contractors you hired to work on properties?
Did you collect rent for a property owner exceeding $600 for the year?
If you did, you may need to file a 1099 with the government (and also with your state) and send a copy to the party you compensated. Not doing so could lose you the deduction and subject you to penalties.
If you must file a 1099 with the IRS and you are filing paper forms, you must send a Form 1096 with each type of form as the transmittal document.
Saul
