Can you fix a mistake on your 1099? The answer is yes. Is there a penalty? No, it's all good news. All you have to do to fix it is very simple. Either go back to the software and change it there, right, and then resend it out. Or get a copy online from the IRS. Tell them to send you a new paper format. It may take a couple of weeks, right up to over a month. And then at that point, take the address that was used wrong or if maybe they moved, update it to the right address. Refill out all the information just as it is, so that it's the correct version. And then check that on the top, middle, or right corner that says "corrected." And you're done, just send it out and you're good. And make sure you send in a 1096 form with it anytime you send in a corrected return. Make sure you're sending your 1096 and you have to sign it. That's how the IRS knows that this is real and this is something that you're trying to fix. Without that, it doesn't count, okay? - The average 1099 employment tax audit is probably gonna cost you $26,000. It's a lot of money for a small business. So stop worrying about things that don't matter, like incorporating. Don't incorporate in Delaware and definitely don't incorporate in Nevada. Take care of the important things, like your employment taxes. Messing it up means that you're gonna be personally on the hook every time. So check out our free employment tax guide and see how it works, okay.
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Who can sign 1096 Form: What You Should Know
A Guide To Reporting Business Income (1099-MISC).
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