Addressed To The Nines: Gather Information To Prepare 1099s ASAP

 Staples 2008 1099-MISC Continuous Tax Forms, 24 Ct

Happy New Year! Did you procure the services of independent contractors/freelancers during 2008? If so, then you send forms to those people by January 31, 2009. This year January 31 is a Saturday, so you actually have until February 2. 1099-MISC (Miscellaneous Income) forms are the forms must be issued by your business when you pay  independent contractors $600 or more for services. To complete the forms, you need a list of all the independent contractors, their current address and social security number.

You can purchase the forms and envelopes cheaply at Staples ($15.99 for 24 forms) or you can order them from Quickbooks.  Make sure to purchase 1099-MISC forms. Last year, one of my clients picked up the 1099-INT forms by mistake.   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 February 2, so get the forms and envelopes now!


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