Form 1099 – Mistakes that Can Cost You
Be On the Lookout for Your Form 1099s
It’s that time again! Time to send and receive your IRS Form 1099s. Every year the requirements are modified for Form 1099-MISC. When you are a recipient of a 1099-MISC form the IRS also gets a copy that is linked to your tax return. Keeping aware of your incoming 1099s can save you a lot of time, money, and hassle.
Watch Your Mail.
With 1099s being sent out during the month of January, now is the time to keep a close eye on your mailbox. Because these forms are linked to your social security number failure to report your 1099s can end up causing an audit.
If you have moved recently, be certain to file a change of address with the IRS using Form 8822.
Also, be certain that you have notified all of your contacts with your change of address. A simple forwarding order at your post office can help you keep track of your incoming Form 1099s.
Check for Errors.
Don’t just assume your incoming 1099s are correct. The deadline for issuingand filing a Form 1099-MISC is January 31. Review your forms before you file them. Also be sure to open your 1099s as soon as you receive them.
If you need further information regarding Form 1099-MISC, the tax specialists at Next Level Accounting & Tax, are here to help. A free download of Just the Basics, IRS Form 1099-Misc is available on our website. Please contact us for a free, no obligation evaluation of your tax situation.