Everything You Need To Know About Form 1099-MISC-MISC As An Apartment Manager
With tax season on the horizon, now is the perfect time to get all your tax paperwork together. One of the most common tax forms that apartment managers use is the 1099-MISC-MISC. 1099-MISC-MISC forms are used by the IRS to monitor income from non-traditional sources. They track sales, wages, and other miscellaneous income that might otherwise go unreported.
What Do Apartment Managers Use 1099-MISCs For?
Business owners are legally required to issue 1099-MISCs to anyone who is paid more than $600. For apartment managers that often includes:
— Repair and maintenance technicians
— Service providers like fitness instructors or dry cleaners
— Landscapers and greenskeepers
— Attorney fees and other professional services
Essentially any professional services that you have contracted out over the years typically require a 1099-MISC. Make sure to file all the required 1099-MISC forms as https://www.irs.gov/payments/information-return-penaltieshttps://www.irs.gov/payments/information-return-penalties If you’re not sure if you need to issue a 1099-MISC form, the best advice is to consult with your tax accountant.
What Information Do You Need To File A 1099-MISC?
You can obtain Form 1099-MISC-MISC and learn about the form requirements on the IRS website here. When filing your 1099-MISCs, you’ll need to make sure that each is complete with the necessary information.
Here is what you need to collect:
— Name: Person or organization’s full name
— Address: The address where the 1099-MISC-MISC and any other tax information will be sent
— Tax ID: If it is a small business you will use the Employer ID Number (EIN) or Taxpayer ID Number (TIN). If its an individual you will use their Social Security Number (SSN)
— Funds Paid: The total amount that you paid this contractor for the full year
Once you have all the 1099-MISCs collected and complete with all the relevant information, you can file them with the IRS.
How To File 1099-MISCs With The IRS
1099-MISCs will be filed with the IRS with the rest of your taxes. They can be filed either through the mail or electronically. However, if you have more than 250 1099-MISCs, you are required by the IRS to file them electronically.
For more financial and tax advice for apartment managers, make sure to contact Occupancy Solutions. We help apartment managers maximize their profits while staying compliant. Let us know if you have any questions, we’ll be happy to help!