Issuing 1099 Forms Required For Businesses

Massage therapist, wellness provider or other holistic small business owner, you are required to issue 1099 forms if you paid over $600 in the past year.

We can probably all agree… (unless you’re an accountant) taxes are no fun, however, they are part of a life of a business owner…

As a business owner yourself, if you’ve paid over $600 to an independent contractor, landlord, or other business in the last year, issuing 1099 forms is REQUIRED by the U.S. government!

Fortunately, it doesn’t cost you anything but time.

The deadline is February 2, 2015

Get them in the mail by February 2, 2015. Form W-2 to employees and Form 1099 statements for businesses that are not incorporated. (Independent contractors you have paid, are in business for themselves, and should be issued a 1099-misc. form).

WARNING:
If you are a Independent Contractor massage therapist, yoga instructor, hair stylist, fitness trainer, etc., working for another business (and are not incorporated) the company contracting you for services should issue you a 1099 form. If you have not received it by February 5th-ish, contact them to be sure it was processed.

ALSO: Mistakes happen.
They will be supplying a copy of the form to the IRS, so you want to verify what they say they paid you against the income you believe you were paid. If you see there is a difference, be sure to request it to be fixed and ask for a new 1099 to be issued to you.

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1 comment for “Issuing 1099 Forms Required For Businesses

  1. March 5, 2015 at 8:49 AM

    Thanks for the reminder. I will add to this that mistakes are more common than you may think. Do not be afraid to ask for a revised 1099. From a filers perspective, DO NOT forget to deduct all your business expenses. Your goal is to legally lower your taxable income as much as possible so as to minimize taxes. Hopefully you have been sending in your tax installments every quarter. If not, do not be surprised by a significantly higher tax bill.

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