Happy New Year!
Now that January is in full swing it is time to finalize your list of vendors receiving a 1099 for services rendered in the 2013 calendar year.
Today we share 5 types of payments to vendors, independent contractors & partnerships, during the 2013 calendar year that might be eligible for the form 1099-MISC. For the full list click here
1) Payments made on behalf of your business for Rent totaling $600 or more.
2) Payments for Services received on behalf of your business totaling $600 or greater, including parts & materials.
3) Royalties paid, of $10 or greater, during the calendar year (Tip: Royalties are generally common for businesses in the entertainment and creative industry).
4) Payments made to an attorney totaling a gross amount of $600 or more.
5) Medical & Health Care payments totaling $600 or more to physicians, dentists, medical suppliers, proprietary hospitals, laboratories, & medical centers except to tax exempt or government owned hospitals.
Delegate the headache that can arise from timely sorting out eligible vendors by simply calling us at 888-564-5777, email email@example.com and mention this post, or click here for an evaluation!
Deadline Reminder: Must submit 1099 reports to payees by January 31, 2014