Unfortunately, for many small businesses, there are a lot of tax compliance requirements. There are also a lot of tax returns that need to be filed. These include income tax returns like your personal 1040. Additionally, there are various forms that may need to be filed depending on the types of expenses and payments made. One common form for small businesses is the form 1099. This form is similar to a w-2 and is used for reporting income paid to independent contractors. If you pay an individual at least $600 during a calendar year, you are required to file a form 1099 for them. For example, if you paid me $800 in 2012 for work done for your business, you would need to file a form 1099 to report that income to the government. To do so, you would need to have my name, address, and social security number. However, there is an exception to the reporting rule if you are paying a business entity. If you pay a corporation $1000, you typically do not have to file a form 1099. Luckily, there is a lot of useful information on the IRS website and through a tax organizer app that can guide you through the process of determining which forms you need to file and when you need to file them. Many of my clients have found the tax organizer app to be incredibly valuable in keeping their records organized. That is why we are offering the tax organizer app as a free download for you to try out. You have nothing to lose, so click below to get started.
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1099 G prior year refund Form: What You Should Know
Form 1020-B (Return to Homeowners) — IRS Jun 25, 2024 — If you made a mortgage loan in North Carolina in a prior year, and you plan to sell the property that was financed with the loan, you'll need to report the interest paid to the mortgage loan on Form W-2 (Employees' & Sponsors' Information) — IRS Jul 30, 2024 — For employers, Form W-2 has the employee information for you. For each employee, report the following amounts: salary withheld, wages, tips, or other compensation received in North Carolina if earned in North Carolina, and health insurance premiums, and Social Security benefits. Form W-2 — IRS Sep 28, 2024 — Employers should report any taxable benefits that you and your employees received in North Carolina in a prior calendar year. The amounts of any tax withheld or other taxes paid will need to be included in the Form 1099-K for your North Carolina employer. Don't have a Form 1099-K? Learn how to get one.
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Video instructions and help with filling out and completing 1099 G prior year refund
