All tax forms are to be sent to the recipients with a post mark not later than January 31.
This form is required to be sent to people and/or businesses who are not employees but to whom certain payments were made as follows. Included in these are:
Interest of $10 or more: Paid by you to individuals and/or businesses on investments, loans or other business transactions. Most people get this form from their bank.
Dividends of $10 or more: Paid by Corporations to stockholders. Many people with investments get this form from their brokers.
Non-Employee Compensation of $600 or more: Independent contractors and part-time non-employee workers or other professionals to whom th ese payments were made.
Debt Extinguishment of any amount: Sent to persons who received goods and/or services from you for which they did not pay you.
Miscellaneous payments of $600 or more:Any other payments not listed above which you made to individuals or businesses.
Must be sent to anyone who paid you more than $600 in Mortgage interest.
This form must be completed for each and every employee who worked for you during the year. It must contain the following information:
Name, address and social security number of the employee
Your name, address, and employer identification number
The amount of gross wages earned by the employee
The amounts taken for Federal Tax, Social Security (FICA) and Medicare (FICA MED) from the employee’s check
Any other amounts deducted for pensions, medical programs or third party payments such as child support.
This summary form goes to the Government with copies of each W-2 sent out to employees. It contains a summary of all the information reported on the W-2’s. This form is required even if only 1 W-2 is sent.