Tuesday, October 23, 2012

2012 PREPARATION OF 1099'S

Are you purchasing your 1099 forms?

If you prepare your own 1099's every year, then you are probably purchasing the forms at the local office supply store.  Did you know that if you only have a handful of 1099's that you don't need to purchase a whole pack of 1099 forms?  You can actually go to the IRS and order the 1099 forms as well as other forms for FREE Here.  Simply go to that link and enter the quantity of the forms you want and put in your address.  The IRS will mail those forms to you for free.  The 1099 forms that the IRS sends you will have recipient copies attached to the red copies.  Here are some tips for ordering and using the IRS 1099 forms.
  1. Order your forms well in advance of the tax filing season.  Our suggestion would be to order them now through December 2012.  This will save on any delays.
  2. Go through your QuickBooks or financials prior to ordering to get a feel for the number of 1099's you may need to order.  Order a few more than what you need in order to account for errors etc.
  3. Even though the ordering of these 1099's is mostly to save money for those with only a few or those doing them by hand, you can actually use the forms the IRS sends to print the 1099's out of your QuickBooks files.  You will want to tear off the perforated side on the left in order for this to print properly.  You will want to test out on 1 or 2 to make sure you have it set up on your printer properly.  So like in #2 above order extras.
I have heard people frustrated about only needing 1-2 1099's to issue and about having to go and purchase a whole pack of 1099's at the store.  We can help you with that or you can go and get the forms for free at the above link from the IRS.  Hopefully this will save you some money and some frustration.  Please let us know if you need help with your 1099 preparation, have questions about 1099's, or need anything.  Feel free to Contact Us.

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