If you made revenues as an independent contractor in 2020, you should have received a 1099 Form for the work. What if you have not received one. Suppose you made over $600 from a single person or company as an independent contractor in 2020, that business or individual is supposed to provide you a 1099-MISC form. The form is suitable for revenues, rents, royalties, and other categories of income beyond this post’s scope. In issuing you a 1099-MISC, business or company is also expected to send out a duplicate of the form to the IRS. This permits the IRS to keep a tab on just how much money you made in 2020. Fortunate you.
1099-MISC Forms are expected to be released to independent specialists by January 31, 2020. Companies, particularly small companies, are famous for failing to get the forms out on time. They need to be submitted with the IRS by the end of February, so organizations often send them out. If you have not gotten 1099 by the first week approximately of March, it is time to do something about it.
The initial step to resolving the problem is to call the organization or person and inquire about it. Some aren’t even aware they are supposed to release the forms and file them with the IRS. They are focused on their companies, not tax documents. Providing a direct will nearly always take care of the problem.
1099-MISC forms are not filed with your tax return. They are information forms just, so failing to get one is hardly the end of the world. You need to understand already just how much revenue you earned in 2020. A 1099 form does not help you figure taxes. It merely keeps the IRS notified. If you don’t receive 1099, you can identify your revenues by amounting to invoices for the customer or reviewing checking account statements.
If you do not get a 1099 form, it does not indicate you can give up reporting the revenue on your income tax return. If you take this strategy, you risk being audited and charged with tax evasion by the IRS. It isn’t from another location worth the danger.