Time for W-9s and 1099s for Taxes Year 2014

Here is a reminder. If you have paid ANYONE in the US, or who lives abroad and files taxes in the US more than $600 in the calendar year 2014 AND they are not a CORPORATION, YOU must issue them a 1099 by February 28, 2015 if you are planning on using this cost as a deduction on your Business (Schedule C) or Rental Property (Schedule E) Taxes. A copy to them, a copy to your tax preparer to copy and send in.

That form is here: http://www.irs.gov/pub/irs-pdf/f1099msc.pdf


If you do work for someone that is more than $600 for the year, they need a W-9 form from YOU. If they have not requested one, have one handy in PDF format all filled out for them with your signature, EIN/SSN. they must have this in order to issue you your 1099. Don’t mess around with this. You know the companies you work with and will need a 1099 from. They are claiming you as an expense, you’d better matchy-matchy with them for your income.

That form is here: http://www.irs.gov/pub/irs-access/fw9_accessible.pdf you can fill it out online, print to PDF, save and just add your signature. I do mine in Photoshop to save time and keep it handy in my accounting file.

Remember, don’t be resentful at having to do this. Be grateful you have the clients who pay you or that you are able to hire people to help you grow you business and better serve YOUR clients.

ALSO: in 2014 all taxpayers MUST HAVE HEALTH INSURANCE.  You’ll have to fill out proof of insurance or forms of exemption. I don’t have those for you yet.