Fill Form 1094 B Deduction 2023-2024

Alright, so you know that you have to file a 1099 miscellaneous return. You know that you have to give it to your contractors. You know that you have to get all this other stuff done, right? But don't forget, you also need to file something else. The question I'm going to answer is, do I need to file anything else with my 1099? And the answer is yes, you do. You have to file Form 1096. Okay, so what is Form 1096? Form 1096 is an annual report summary which takes all of your 1099 forms, adds them all together, and tells the IRS that this is the total amount of money that was paid. This is important for tax deductions and also for tax withholding. So, don't forget to sign it. Make sure you follow your 1099 with the 1096 because it's very important. Now, let's talk about the consequences of messing up your employment taxes. The average 1099 employment tax audit is probably going to cost you $26,000. That's a lot of money, especially for a small business. So, stop worrying about things that don't matter, like incorporating in Delaware or Nevada. Instead, focus on the important things, like your employment taxes. Messing it up means that you're going to be personally on the hook every time. To help you understand more about employment taxes, we have a free employment tax guide for you to check out. It will give you valuable information on how it all works. So, take care of the important things and make sure you don't make costly mistakes.