Re: Didn't get my 1099s filed on time.

"matthew02" <jamesbulk@xxxxxxxxx> wrote:

I have received 1099s both last year and this year. However, I
contracted out some of my labor this year as opposed to doing it all
myself. In this case, I need to send 1099s to those individuals?

Yes, if you paid an individual $600 or more.

If so,
then is it to late to do so?

No.

Also, you said that I prepare my Schedule
C from my business records.. So maybe what I am confused about is that
my failure to send 1099s (on time, or at all) does not mean that I have
to pay taxes on that money?

Correct.

I just do my Schedule C and report what I
paid to others regardless?

Correct again.

There is a penalty for filing your 1099's late, but it may not be asserted,
and if it is, you might be able to get it waived for reasonable cause. Do
go ahead and file the 1099's even though they're late. You can be sure IRS
will assert the penalty if they have to bring it to your attention.

It sounds to me like you're overdue for a session with an accountant who
can, in addition to instructing you in all your responsibilities, probably
give you some pointers that will save you money in the long run.
--
Phil Marti
Clarksburg, MD


.

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