Join Early Retirement Today
Reply
 
Thread Tools Display Modes
As a business owner, how do I file my 1099's for my contractors?
Old 01-21-2007, 04:59 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
As a business owner, how do I file my 1099's for my contractors?

the closest I got was free efile thing thru irs.gov, but it always freezes up and i cannot log back in

i have the 1099 printed. i have already e-filed thru hr block, but they didnt give me a chance to send in my 1099's with my return

any advice on what to do, where to send it? i think march is my deadline, but i wanna send it now!
thefed is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: As a business owner, how do I file my 1099's for my contractors?
Old 01-21-2007, 06:38 PM   #2
Full time employment: Posting here.
 
Join Date: Dec 2004
Posts: 714
Re: As a business owner, how do I file my 1099's for my contractors?

Check http://www.irs.gov/efile/article/0,,id=98114,00.html for details ... IIRC, you file the 1099's with form 1096 ... not with your 1040 or 1120/1065. Due January 31 (for recipients).
Craig is offline   Reply With Quote
Re: As a business owner, how do I file my 1099's for my contractors?
Old 01-21-2007, 08:20 PM   #3
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: As a business owner, how do I file my 1099's for my contractors?

PERFECT. 1096 IT IS!
thefed is offline   Reply With Quote
Re: As a business owner, how do I file my 1099's for my contractors?
Old 01-22-2007, 07:34 PM   #4
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
Re: As a business owner, how do I file my 1099's for my contractors?

Quote:
Originally Posted by thefed
PERFECT. 1096 IT IS!
1099s are due to recipients by 31 January, although no one checks your timing.

1096s are generally due to the IRS by the end of February unless you're filing in bulk or electronically.

You can order the 1096 forms from the IRS for free, or pay bigger bucks at Office Depot...
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Re: As a business owner, how do I file my 1099's for my contractors?
Old 01-23-2007, 10:58 AM   #5
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
Re: As a business owner, how do I file my 1099's for my contractors?

I was going to keep my mouth shut, but. . .

I worry about you Fed. I am concerned that you are so focused on making money and making your business work, that you might be playing a bit fast and loose with the rules. Have you talked to a CPA about your business and whether under both federal and state law your contractors are in fact independant contractors and not really employees? It is an important question that we do not have enough facts here to answer. But if it turns out that you should have been treating them like employees you would have a big tax problem.

You may be just fine, but I felt I should bring the issue up.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: As a business owner, how do I file my 1099's for my contractors?
Old 01-23-2007, 02:13 PM   #6
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: As a business owner, how do I file my 1099's for my contractors?

Quote:
Originally Posted by Martha
I was going to keep my mouth shut, but. . .

I worry about you Fed. I am concerned that you are so focused on making money and making your business work, that you might be playing a bit fast and loose with the rules. Have you talked to a CPA about your business and whether under both federal and state law your contractors are in fact independant contractors and not really employees? It is an important question that we do not have enough facts here to answer. But if it turns out that you should have been treating them like employees you would have a big tax problem.

You may be just fine, but I felt I should bring the issue up.
good point. i do indeed have 1 regular employee, i deduct taxes, medicare etc. BUT, i do have a home repair business and i sub out some work. these guys are most def 1099's!!

i know where you were going with your comment tho...thanks for looking out for me!
thefed is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
prediction of 2/27/07 newyorklady FIRE and Money 21 03-04-2007 12:45 PM
Selling a business at retirement Empty Pockets FIRE and Money 5 01-07-2007 10:57 AM
Ten stupidest mistakes made by the newly self employed cute fuzzy bunny FIRE and Money 6 04-14-2006 09:06 PM

» Quick Links

 
All times are GMT -6. The time now is 03:39 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.