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Video instructions and help with filling out and completing Form 966

Instructions and Help about Where To Send Irs Form 966

Hello this deal and today I'm going to be talking about how to fill out these 1099 miscellaneous forms or 1099 mi a/c forms now a lot of times when you've hired a contractor do some work you know you sign a contract you you ask them to do certain amount of work they finish it up you pay him off and off you go well at the end of the year you should really be filling out these 1099 forms to tell the IRS how much you paid them and these forms don't really record any taxes you know you're not paying them taxes you're hoping that they'll pay their own taxes you check their credentials their illegal operation they pay their own taxes here you're just reporting what you paid them and that's kind of what I'm focused on today you could fill out a whole bunch of tax information here as well but just for like hiring contractors you're just reporting what you paid them has nothing to do with taxes they deal with the taxes so the first thing before you can even fill this out is to have your contractor or whoever your piano teacher etc fill out the form w-4 form and this basically they only have to worry about tax deductions or what have you they just what you're after is their name address and their social security number or their tax ID number and so this is what you want to ask them to fill out before they do any work for you and just to kind of tell you what you're up against in general if you pay pay somebody more than let's say three or six hundred dollars you should really have them fill this out and legally just like for contractors if you fill out the 1099 form you have to fill this out if you pay anybody six hundred dollars or more that's not a gift so that's kind of where the starting point is so again Cavan fill out the tent the w-4 form before they start the work after they finish the work record how much you pay them and then at the end of the year you have to fill one of these and and let's go over how to fill one of these things out and it's really simple basically you go to the IRS office and you ask them for 1099 miscellaneous form and they give you one of these they'll ask you how many you want if you just want one two or three of these things but if you ask for one they'll give you one with actually two forms on it it comes two forms for a page so don't get confused you only really have to fill out one per person I've had I've known people who've actually thought they had to fill out both of these for one person and that totally screws up everybody's screws of the IRS screws up screws up the taxpayer if you paint one person you fill out one top if you fill out if you pay two people you fill out one for one the bottom for the other the top is not perforated this is what you send the IRS the other copies there's copy one is perforated you can kind of cut across and so you'd be sending one to one person one to the other person so this is how it works just the top is just your name your address and your telephone number you basically who you are and then you want the federal tax ID number this could be as simple as your social security number or your tax ID number now the second column here is the recipients ID number their security number or tax ID number which you got from the w-4 form you have the recipients name and then their mailing address their address and their the city and state they live at and then the rest is pretty simple let's see just most of this stuff you just leave empty after you get through to the recipients address really all you have to do is fill out box number seven now if you didn't pay any taxes you just paid them straight a paycheck for the amount that was due you just fill out number seven is called non employee compensation so they're essentially enough not an employee they were a contractor and it's just compensation what you paid them you didn't pay them any you know you didn't withhold tax etc which is just a straight compensation so you put in that number so if you paid your contractor ten thousand dollars that's the number you pay here and essentially that's it so just your name so security number there's a security number their name address etc and this box number seven how much you paid them and then you do that for the other person you paid or if there's no other people just send out one and leave this bottom one blank now now you have to send this not only to the taxpayer the contractor you you use but also the federal government and again this top sheet here and it says here to send this is the for Internal Revenue Service Center so when you send this away you also have to fill out this 1096 form this basically is the cover sheet for all these 1099 forms and so to fill out one of these you just ask the IRS for one of these again and you're just putting again your information your mailing address your zip code person to contact if it's if it's the same person as you just put down your number your phone number email address if you have a fax etc your Impa your employer identification number the or if that's most cases you would leave that blank and you'd.

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