1099-MISC (Miscellaneous Income) form needs to be issued by your business when you pay independent contractors $600 or more for services.
You can purchase the forms cheaply at Staples. Make sure to purchase 1099-MISC forms. I was in a rush the other day and picked up 1099-INT forms. To complete the forms, you need a list of all the independent contractors, their current address and social security number. If you are using Quickbooks, you can run a 1099 vendor report to get a list of the total amount paid to vendors. If you don’t use Quickbooks or another accounting system, then just review your check register and add up all payments made to each independent contractors.
The deadline for issuing 1099 forms is in two weeks, so get the forms now!