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Jan 31 an Important Tax Date for Entrepreneurs
When you talk about taxes, most Americans recognize the date April 15. That’s when individual tax returns are due. (This year it’s actually April 17 because April 15 falls on Saturday.) But if you’re self-employed or run a small business, there’s another critical date for you to remember — Jan. 31.Jan. 31 is the deadline for businesses to send out 1099s, the familiar name for Internal Revenue Form 1099-MISC. Companies must send 1099s to every independent contractor they’ve paid more than $600 in the past year. Jan. 31 is also when those who are self-employed should start contacting any company that hasn’t sent them a 1099 for 2005.
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