New regulations will be requiring tax payers to issue 1099 forms that have not done it in the past. Who falls into this new rule? Well, every landlord – if you are paying someone more than $600 a year. In simple terms, if you have a rental and you call a plumber and you pay the plumber $600 to fix the sink at your rental, you will be responsible to send that person a 1099 form. If the plumber only charges you $590 to fix the sink, you’re off the hook, well unless you call him later for a broken pipe, which then the plumbers’ bill will more than likely be over $600 for the year. This is going to require a lot of organization on the general tax payers side. But, luckily, with E-File Magic’s help, once you’re ready to send all the required 1099s you can easily download the software, use Excel or input the recipients information and have E-File Magic print and mail the 1099s for you. And all for a very small fee!
Archive for December 15th, 2010
December 15th, 2010 No comments