Business Owners and Employers - You've got a deadline coming up!

Business owners take note: W-2 and 1099 forms are required to be filed by January 31. All employees who were employed at any time by you during 2000 need to receive W-2 forms, and many others who received payments from you will need 1099 forms.  

  

If you make payments in excess of $600 per person to individuals for services, you are required to prepare and submit Form 1099-MISC.  

  

The copies of these forms that to go the recipients of the payments must be postmarked by January 31. The copies of the forms that go to the state and federal taxing authorities are due on February 28.  

  

If you still need to obtain forms, contact the IRS at 1-800-TAX-FORM or visit your local IRS office. You may not receive forms by mail in time to make the January 31 deadline, so it's wiser to get the forms in person at the IRS office if you can.  

  

If you know someone who works in an accounting firm you may be able to ask that person to snag some forms for you. This time of year, people who prepare tax returns for a living are rather busy, so make sure you do something nice in return for the person who helps you out - may be a plate of brownies to take into the office would be a nice reward!  

      

With your access to the Internet, there is a new online service that will file your W-2 and 1099 forms electronically for a small fee of $3.49 per return. One Web site offering this service is www.filetaxes.com, and there are probably other services available too if you have time to look around on the Internet. Access to www.filetaxes.com is available 24 hours a day.

File Your Tax Forms Online Today!

  

When filing these tax forms online, it is estimated that the elimination of paper forms can save up to 50% over traditional filing methods, in terms of time saved, and paper and postage expenses.  

  

When you file your W-2 forms with the government you will also need a Federal Form W-3 which serves as a summary form, kind of a cover letter, to accompany the individual forms you are sending. The 1099 forms get submitted with a 1096 form which is the summary form. There are summary forms required by the state government as well, and you can check with your own state's tax authorities for this information.  

  

   
copyright ©  2001   Gail Perry - Fun with Taxes