Quick 1096/1099 question

[Coltrane]

Hey all!

So it's that time of year, and I'm getting things in order after my first year in business. I'm going to be meeting an accountant soon for overall stuff, but I was wondering about 1096/1099s. I had a couple independent contractors do work for me, and I will be sending out their 1099s soon. Do I wait to send the IRS (and state) their copies of the 1099s and 1096 for when I file my taxes for the year, or can I send them that stuff now (the forms are completed)? I know I need to send the ICs their 1099s by January 31st, but I was just wondering about the ones I file.

Thanks in advance!

[tallen]

You can send them in to the IRS at the same time that you send them to your contractors. The deadline for you to file them with the IRS for 2016 is February 29 (or March 31, 2016 if you are filing electronically).

When I have had contractors, I used an online service to e-file the returns (and generate the forms that I then printed and mailed to my contractors). For many of the available services, it is free to file just a few 1099's (I think up to 5 for the service I used, fileyourtaxes.com).

[Freelancier]

1099s are due to the IRS by March 31. Get them to your contractors first, get their agreement that the forms are right before you file.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employment-Tax-Due-Dates

[Coltrane]

Thanks for the quick responses! I already received and filled out the paper forms, so I'll do it that way. I'll be sending out the forms to the contractors tomorrow, and I'll send stuff to the IRS next week.