Do you pay companies or individuals for services for your business? If you do, you will need ask them to provide you with a form W-9. This form will give you all the information you will need if you do need to file a form 1099-MISC by next January 31st.
You may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business. If the following four conditions are met, you must generally report a payment as nonemployee compensation.
- You made the payment to someone who is not your employee;
- You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
- You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
- You made payments to the payee of at least $600 during the year.
IRS Form W-9
IRS 1099 Filing Requirements