A brace of weeks ago a tax-pro-turned-photographer alleged Brandon Scott helped us cross the aing tax borderline with some accessible tips. Now that best of us accept (hopefully) filed our 2016 returns, I anticipation it would be a acceptable time to babble about 1099 forms. If you’re like me, you not alone appoint absolute contractors, but you act as one too. Actuality is a briefing of all things 1099.
Just like aftermost time, it’s important to consistently analysis with your accountant afore you do anything. Laws alter accompaniment to state, so amusement the admonition beneath as a guideline of things to accompany to the absorption of your able accountant. Fstoppers assumes no accountability for this article.
A 1099 anatomy is a certificate the IRS requires to abode annihilation you pay to an absolute contractor. The best accepted absolute architect a columnist may pay would be an abettor or additional shooter, appointment manager, or photo editor. Scott refers to 1099 forms as the self-employed person’s W2.
You accept to accelerate a 1099 to any Individual you paid to accomplish casework that totaled up to $600 for the year. These are your additional shooters and your outsourced editors. You additionally accept to accelerate one to individuals you paid hire or charter payments to for either absolute acreage or equipment.
Maybe you busy a agglomeration of accessory from BorrowLenses. Does that beggarly you accept to accelerate them a 1099? You don’t accept to accelerate a 1099 to any corporation, nor do you accept to accelerate one to any architect you paid beneath than $600 to for their casework in absolute for the year. What if you paid a additional ballista absolutely $600? Accelerate a 1099.
The IRS will mail you 1099s for free, and it aloof takes a anniversary or two. You can go actuality to appeal any and all forms. Scroll bottomward to the 1099-MISC anatomy and access the cardinal you want. If you charge forms faster, you can get them at Staples or Appointment Depot, or alike Amazon. It’s cool important that you get official forms. You can’t book them online because they’re printed on appropriate cardboard with adorned ink. All 1099s are due on January 31.
Here is Scott’s step-by-step adviser on how to handle 1099 forms.
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