Question by jt mom: small business taxes question?
I am going to do my own small business taxes this year using Turbo Tax. I have quickbooks, so all my info is going to move over. Question is…..I got a package 1096 in the mail today. Is this something I have to fill out and send in, or will me filing my taxes take care of this form?
When i go to that site, it just shows online jobs.
I am a small restaurant with no employees. The only 1099 I will recieve is from my bank, on the interest that I paid on my business loan.
I have no 1099′s to send out, because all of my vendors are corportations. I just needed to know what this form 1096 was and if I needed to send it back. The instructions on the form aren’t very thorough.
Answer by J-10
Form 1096 is a summary of the various 1099′s you file. Head over to IRS.gov and read the general instructions for 1099 and probably more importantly, 1099-MISC instructions. There are exceptions, but in general, if you paid a vendor more than $ 600 and they are not a corporation, you have to send them a 1099. You have to send a 1099 to any law firm you used regardless of whether or not they are a corporation. You’ll know if they’re a corporation based on the W-9 they provide you, but I am going to guess you didn’t collect any W-9′s this year as you seem unfamiliar with the 1096/1099 forms.
1099′s were supposed to be mailed to recipients by today at the latest, and Form 1096 is due to be filed (along with copies of the 1099′s) by 2/28/11. If none of what I typed here makes sense, I would probably look up a local EA or CPA to help you out, since it’s already 1/31.
This is all assuming you received a package in the mail with blank 1096′s and 1099′s. If someone sent you a 1099 and you typed 1096 by accident, that’s a whole different story. At any rate, it’s likely you need to file 1099′s anyway so look into it.
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