Business Loan

While the center of January may look a spot early to get
thought about taxes, 1099-MISC filing deadlines are looming
for businesses. Generally speaking, Internal Revenue Service 1099-MISC is the
word form used to report miscellaneous income that you paid to
people during 2004 in the course of study of your trade or business.

Does This Apply To My Business?

The 1099-MISC word forms must be issued to any individual that you
have got paid at least $600 in rents, services or other income
payments. Typically, you should publish the word form to any
independent contractor that you paid $600 to during 2004. For example, if you paid a interior designer $1,500 to construct and
keep a website in 2004 for your business, a 1099-MISC
filing would be required. As with practically any Internal Revenue Service
filing, there are further states of affairs that necessitate a 1099
filing [ex: any fishing boat proceeds], so do certain you
cover your alkalis by looking at the relevant instructions. Generally, you are not required to report payments to a
corporation.

When and What Must Be Filed?

The 1099-MISC word word form is a multi-layered carbon form, so do
certain the information you supply looks clearly on all of
the copies. Once you have got filled out the form, you must
supply Transcript Type B to the individual that you are reporting to the
Internal Revenue Service by January 31, 2005. Using our former example, you
would get off Transcript Type B to your website interior designer before the end of
January.

Copy Type A of the 1099-MISC word form is intended for the IRS. You
are required to register it by February 28, 2005 if you are
sending the word form by mail. If you prefer to register
electronically, you have got until March 31, 2005 to register the
form.

Revealing a peculiar genius for reddish tape, the Internal Revenue Service necessitates
you to register an further word word form if you are filing Transcript Type A of
the 1099-MISC by mail. In such as a situation, you must register an
"Annual Summary and Transmittal of U.S. Information Returns"
form. This summary is better known as Form 1096 and you
should have got already received a transcript of it in the mail from
the IRS.

Where To Find These Forms

To the surprise of many people, the Internal Revenue Service have an first-class
website containing information and tax forms. Unfortunately,
the land site is fairly useless when it come ups to obtaining tax
word forms that you can actually file. You cannot download and
usage any 1099 word form from the website. If you seek to publish
word forms from the land site and usage them, you run into two problems. First, the Internal Revenue Service computing machines will not be able to read the word forms
and will reject them. Second, it is dubious that you will
be printing on multi-layered carbon paper, which intends you
will have got no Transcript Type B of the 1099. Obviously, either state of affairs
can attract unwanted attention from the IRS.

You can tell word forms from the Internal Revenue Service by calling 1-800-tax-form
or ordering them off of the Internal Revenue Service website [do not download]. The Internal Revenue Service suggests it typically takes at least two hebdomads for
the word forms to be delivered, but maintain in head that it may take
longer. If you need the word forms sooner, you usually can happen
them at libraries and station offices.