Irs Tax Form 1099
Q.As a consultant doing program contract work -1099-, im trying to figure out what forms I need to send to the IRS on a quarterly basics. After several days of researching this, the best I can figure out is I need to file: 1. Schedule SE -short form (self-employment tax) 2. Schedule C (profit or loss from business) 3. 1040 (U.S. individual income tax return) Questions: 1. For each quarter I file the Schedule SE my total net earning (for the quarter) is less than $78,200. It appears I will always be using the short form. Is this correct or am i missing something? 2. Do I really need to send in a 1040 each quarter? 3. At the end of the year do I send in another 1040 to recalculate everything? This is the only time I have all my statements relating to interest paid, montage, school tax... 4. I also though I was suppose to fill out a form called a 1099, but the forms I think I need to fill out say nothing about a 1099? Again, am i missing something?
A.None of these returns are filed on a quarterly basis. They are due on an annual basis. Whatever source you got that from is wrong. As a self-employed person, you're more likely to have to RECEIVE a form 1099-MISC than to have to issue one, but in some sole proprietorships, the form is both issued and received. You appear so clueless that perhaps you should seek help from a tax professional in your area and not worry about trying to do this yourself. File the 1040, Schedules SE and C by April 15 2001. Once each year. Meanwhile, each tax quarter (the 15th of April, June, September and January) file Form 1040ES to estimate your income tax plus self employment tax and pay that quarterly tax atthat point. Figure your self employment tax to be 14.1% of net schedule C annual income.
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