Save Those 1099’s

It’s that time again!  Individuals and businesses throughout the United States have started receiving various tax-related documents.  This year it is very important to save all of these documents and forward them to your accountant.  Even if you are a corporation and don’t usually give the 1099s you receive to your accountant, you should do so this year.  Be on the lookout for a new form, Form 1099-K.

Businesses who accept credit card payments may receive a new form 1099-K this year from their credit card merchant.  This form will be important for your accountant when preparing your 2011 tax return.  Form 1099-K is new this year and reports credit card and other third-party income.  Examples of third-party payment networks are PayPal, Amazon Simple Pay, and Google Checkout.

So regardless if you are a business or an individual, collect all those W-2s, 1099s, 1098s, K-1s, and brokerage statements.  Setup a file, tray or envelope and keep it where you generally open your mail.  As the different forms come in, just file them away until you’re ready to visit your accountant.

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