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Need Some Deductions for 2011?

Don't overlook these!

10 Oddball Tax Deductions

11 Most Overlooked Tax Deductions

Updated for 2011

Independent Contractors

Did You Pay Independent Contractors $600 or More Your Last Year of Business?

Form 1099-MISC:

If you paid any independent contractors $600 or more during the year, you must furnish the recipient Form 1099-MISC no later than January 31, of the following year.

If January 31 falls on a Saturday, Sunday, or legal holiday, then the next business day is the deadline.

IRS:

Send the IRS a copy of each Form 1099-MISC no later than February 28 of the following year.

If February 28 falls on a Saturday, Sunday, or legal holiday, then the next business day is the deadline.

If you file electronically, you have until March 31.

Your Copy:

Keep a copy of each Form 1099 for your files.

Form 1096

Form 1096, Annual Summary and Transmittal of U.S. Information Returns is used to summarize data on all 1099s you file.

File only one Form 1096 with all 1099s.

Keep a copy of Form 1096 for your records.