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E-NEWSLETTER
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Many individuals find themselves earning less during these troubled economic times than in years past. As a result, they may find that they qualify for a credit to which they previously were not entitled because of income limitations.
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- Don’t Forget Those Nominee 1099s
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For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required.
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- What to Do If You Are Missing a W-2
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Have you received your W-2? These documents are essential to filling out most individual tax returns. You should receive a 2011 Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until January 31, 2012 to provide or send you a 2011 W-2 earnings statement either electronically or in paper form. However, you should wait a week or so before becoming concerned. If by then you have not received your W-2, follow these steps:
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- Are You Required to File 1099s?
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If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2011 must be provided to the independent contractor no later than January 31 of 2012.
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- Dependents & Medical Expenses
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Medical expenses paid for dependents may be deducted. To claim these expenses, the person must have been a dependent either at the time the medical services were provided or at the time the expenses were paid.
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