1099 filing season starts January 2012

2 weeks more and that’s it…2011 ends after 15 days and we welcome 2012 in our lives with new beginnings, new activities, new promises and resolutions and not to forget a new filing season. January 2012 is not only a time for celebrations but also a time to gather your papers and yourself to begin your income tax filing. But before that, if you are self employed or provide your services on freelance basis, then your hiring company would definitely provide you form 1099 Misc. Wondering what is form 1099 misc and why should I receive it? Ok, so here’s the answer to that. 1099 Forms are basically designed for freelancers or self employed who render their services to companies and in return receive remuneration of $600 and above. If you fall into that category then a 1099 misc form is sure to come your way.

Once you receive 1099 misc form, then at the time of filing your income taxes with IRS, you have to show the 1099 misc form as well. This will allow you and the IRS to figure out your taxable income. 

As I said earlier, tax 1099 forms are designed for freelancers and independent contractors. A person falls under the category of an independent contractor/freelancer if he sets his own schedules, works at his own timings, location and is free to work for other individuals or businesses that suit his needs. If issues arise in any of the conditions or the person is being directed with any of the conditions then he is deemed as a employee of the company and is not liable to receive 1099 misc form but rather will receive a form W2 (for employees)