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By Deal Pack - January 22, 2013
It’s that time of year again, time to get everything in line for the tax man and don’t forget to file and send out your 1099s either! If you are currently operating a business – it is a federal requirement to file a 1099-Misc (Misc. Income) for every person you have paid $600 or more in the current tax year. To qualify as part of the $600 total, payments must have been made in the course of your trade or business. This means that personal payments need not be reported. The Form 1099-Misc is most commonly used to report non-employee compensation (Box 7) but there are various other reasons to file Form 1099’s such as rent payments, and attorney fees. See irs.gov for more details.
For the purpose of Form 1099-Misc, non-employee compensation is only considered if these 4 conditions are met: the person is not your employee, the payment(s) were for services done in the course of your trade or business, the payment(s) were made to an individual, partnership, or an estate & the total of all payments amount to $600 or more. Keeping track of such payments can be a daunting task unless you’ve got a software solution on your side. Be sure when searching for a DMS that you consider their ability to track such payments, it will make tax season that much easier!
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Advanced Business Computers of America (ABCoA) develops and supports end-to-end software solutions for the subprime finance industry. Since 1983,
we have helped automotive dealerships and finance companies eliminate duplication, remain compliant, and achieve success with dependable, all-in-one software and white glove service and support.
Deal Pack is a complete, all-in-one software ecosystem customizable to your exact needs and scalable to your exact size - helping improve your operations, grow your business,
and solve the challenges you face. Whether you are a finance or sales company, multi-entity or publicly traded company handling BHPH or LHPH, operating or capital leases,
internal or external floor-planning, retail, rentals, consumer loans, origination, or seasoned paper, Deal Pack is the dependable software for mission critical operations.
Deal Pack handles all of your business needs transparently – providing you measurable improvements and complete financial control, saving you time,
increasing your bottom line, and allowing you the freedom to focus on your daily operations. Deal Pack is relied upon by thousands of customers across
all 50 states in the United States and six countries around the world. Customers properly using Deal Pack have never lost an IRS audit.
To learn more about ABCoA, visit www.abcoa.com.