It’s a new fiscal year, which means it’s time to start filling out and filing your 2012 1099 forms if you want a stress-free tax season.
As you probably know, small business owners file self-employment taxes every fiscal year. If you haven’t done it before, it’s a little more complicated than the 1040 form that most people fill out. Among the requirements: You have to file a 1099 form for any taxable income that doesn’t show up on a W-2 form.
You can spend hours reading through the IRS’ website about all the changes and updates. To help you out, here are three tips that every small business owner should know:
It’s still early enough to complete your 2012 1099 forms with minimal stress. But to make the process even easier, you may want to review the documents with an experienced tax lawyer so you know there won’t be any problems.
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Related Resources:
- Forget the Fiscal Cliff: Focus On Forms 1099 (Forbes)
- 2011 1099 Forms, Plus New Form 1099-K, Due This Month (FindLaw’s Free Enterprise)
- Need More Time? File a Tax Extension (FindLaw)
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