What is this mysterious tax form and when is it due? Well, as it turns out, it is a tax return
document used to report miscellaneous payments made to nonemployee individuals,
such as independent contractors, during the calendar year. Are you affected by this form in one way or
another?
Form 1099-MISC should be filed for each person to whom an
employer has paid one or more of the following –
1. At least $600 in
services, prizes, or awards
2. At least $10 in
royalties (that’s right…just $10!)
3. The gross proceeds
paid to an attorney
That’s not all. If
you had direct sales of more than $5000 in sales of consumer products anywhere
except to a permanent retail establishment you may qualify for form
1099-Misc. It is just another potential
pothole on the road to complying with Uncle Sam this Spring. For all of your tax preparation needs in the
Las Vegas area count on CPA Michael Mathews.
Make an appointment with Michael today by calling (702) 240-5237.
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