A form 1099 is a form that you or your business will give to your Payee for the money paid throughout the year. The most common types of 1099’s are 1099-MISC and 1099-INT.
Please keep in mind that a W9 form should always be filled out prior to paying your contractor. You’ll need your contractors Social Security Number or Taxpayer ID and address in order to ensure a proper filing is done. The W9 form is for your use only and is not submitted to the IRS. See below for more information on what is entailed in each 1099 and if you or your payee is required to receive one.
MISC – A 1099 MISC is a tax form provided to your Payee for different types of income. This type of 1099 is for any service provided by a contractor, freelancer, or any self-employed individual throughout the calendar year that amounts to over $600.
If you are running a Property Management company, you should be filing 1099’s for Rental Income for your clients
If you paid an attorney’s office over $600, a 1099 would need to be issued to the office
Any payments made via credit card do not need to be included
You are not required to 1099 corporations (Anderson Advisors is a corporation)
INT – The 1099-INT is a 1099 that is issued for interest paid. The interest is usually interest that your company paid to its lenders or shareholders through promissory notes or money lent throughout the year.
If you have any questions regarding 1099’s, you can submit them either through your Platinum Portal or send an email to email@example.com
The form below allows up to 10 payees for 1099’s to be requested. If you require more than 10 1099’s, please contact us at firstname.lastname@example.org
The due date for 1099’s is January 31st, 2020