• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Travis Marshall Group

Avalon and Stone Harbor NJ Real Estate

  • Home
    Search
    • Search for a Home
    • Homes Below $1 Million
    • Featured Properties
    • Email Alerts
  • Vacation
    Rentals
    • Rental Search
    • For Guests
      • Guest Services
      • Payments and Policy
    • For Owners
      • EZ List Rental Forms
      • Homeowner’s Guide
  • Avalon Anchorage
    Marina Properties
    • About
    • Floor Plans
    • Photo Gallery
    • Amenities
    • Location
    • History
    • Next
  • Market
    Reports
    • Sold Homes in Avalon
    • Sold Homes in Sea Isle City
    • Sold Homes in Stone Harbor
    • Find Out Your Home’s Value
  • Meet
    The Team
    • Meet The Team
    • Leave a Testimonial
  • Contact
    Us

Tax Time: Five Simple Form 1099 Tips to Avoid Penalties

Calculator and pencil

Many business owners hire independent contractors at some point. Whether you have several contractors working for you regularly, or just bring one on from time-to-time, properly tracking payments to service providers can be a challenge. The following Form 1099-MISC preparation tips, offered by The American Payroll Association, can ensure your tax reporting is correct for 2016.

Form 1099-MISC must be given to all non-corporate service providers. If you paid a service provider at least $600 for services during 2016, you must provide a 1099-MISC to them no later than January 31, 2017. If the provider is a corporation you generally do not have to provide Form 1099-MISC.

Cover all of your bases. If you are unsure whether a Form 1099-MISC is required, go-ahead and send one. If you don’t send all qualified service providers their Form 1099-MISC, you set yourself up for penalties.

Deadlines Matter. If you’re sending Forms 1099-MISC to service providers by mail, make sure to send them out no later than January 31, 2017. New for 2017!! If your Forms 1099-MISC include an amount in Box 7, Nonemployee Compensation, you have until January 31, 2017 to send paper copies to the IRS (less than 250 forms) or file electronically. If there is nothing in Box 7, February 28 is the last day to submit paper copies to the IRS (March 31 if you file the forms electronically).

TIN truncation. Payees’ Tax Identification Numbers (Social Security number or employer identification number) may be truncated on their paper or electronic copies, but forms filed with the IRS must contain their full TINs. Under the truncation procedure, the first five digits are replaced with either asterisks or Xs: ***-**-1234 or XXX-XX-1234.

Let your credit card handle the paperwork. If you paid for contractor services with a credit card, debit card, or gift card, do not file the Form 1099-MISC. The bank or credit card company that made the actual payment will take care of it for you by sending the contractor Form 1099-K.

Source: www.americanpayroll.org

Primary Sidebar

Quick Search

$
$

Quick Links

Avalon Homes for Sale
Cape May Homes for Sale
North Cape May Homes for Sale
North Wildwood Homes for Sale
Sea Isle City Homes for Sale
Stone Harbor Homes for Sale
West Cape May Homes for Sale
West Wildwood Homes for Sale
Wildwood Homes for Sale
Wildwood Crest Homes for Sale
Homes Under $1 Million
Powered by NJ Mortgage Rates

Wondering What Your Home is Worth?

Request a Free Market Analysis on Your Home's Value
Click to Request a FREE No Obligation Market Analysis!

Footer

Let’s Get Social!

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Contact Us

  • Name
  • Email
  • How May We Help You?

Copyright © 2023 · Travis Marshall Group · Avalon and Stone Harbor New Jersey Real Estate

The Travis Marshall Group
Sheila Erikson | Licensed NJ Realtor® | Cell: 609-432-5524
Long & Foster Real Estate, Inc | 2997 Dune Dr - Avalon, NJ 08202 | Office: 609-967-3001
All information provided is deemed reliable but is not guaranteed and should be independently verified.
Avalon homes

website by marketme