Pub. 1 2016 Issue 1

9 ISSUE 1 2016 䌀吀䄀䄀 吀䠀䔀䌀伀一一䔀䌀吀䤀䌀唀吀䄀倀䄀刀吀䴀䔀一吀䄀匀匀伀䌀䤀䄀吀䤀伀一  for everything you check. • Make sure re trucks have access throughout your properties, especially next to re hydrants, and enforce no-parking and no-stopping areas. Keep driveways and building approaches clear of debris, too. Get Ready for Tax Season e IRS uses the 1099-MISC tax form as a way for contractors and freelancers to report income earned during the previous year. In property management, you can use the 1099- MISC form to report income earned from contracted work and leased property. You need to send this form to any owner or vendor who has earned $600 or more from your business during the last tax year. For example, if you work with a plumber or you have someone doing yard work during the spring, summer, and fall, those people would need to receive a 1099-MISC tax form. In addition to the 1099-MISC forms, you should also make sure you have a current W-9 on le for independent contractors or employees. Some of the 2016 deadlines fall on weekends; in addition, 2016 is a leap year. Here are some deadlines to keep in mind: • Monday, February 1, 2016: is is the deadline for sending forms to owners and vendors so they can review them. • Monday, February 29, 2016: is is the deadline for manually ling paper 1099-MISC and 1096 forms with the IRS. e 1096 form is a one-page summary sheet that shows the IRS what you are physically mailing. You don’t have to le it if you le the 1099s electronically. Keep in mind that no matter how many 1099-MISC forms you are mailing, the IRS prefers electronic ling. However, if you are ling more than 250 of the 1099- MISC forms, you have to le electronically. • ursday, March 31, 2016: is is the deadline for electronically ling 1099-MISC forms. You should either keep copies of the 1099 forms you le, or be able to reconstruct them, for a minimum of three years after the due date. If backup withholding has been imposed, however, then you have to keep them for four years. What are the consequences for not ling? e penalty is between $50 and $500 per form, which adds up fast. In addition to that, the IRS can disallow deductions. Why is that a problem for you? Any owners who work for you might not be able to claim property expenses as tax deductions … just because you didn’t le the 1099-MISC. If you don’t want to le the 1099-MISC forms yourself, you can hire an accountant, a CPA, or a provider such as Buildium to take care of it for you.  Savol, serving the swimming pool service needs of the apartment industry for over 40 years. 91 Prestige Park Circle E. Hartford, CT 860-282-0878 www.savolpools.com CT Reg. 584241 • SP-1 Lic. 285483 • Pump room repairs • Leak Detection • Safety Covers • Tile / Coping • Painting • Openings / Closings One Stop Source for All Your Swimming Pool Needs • Pool Chemicals Delivered to Your Door • Offering Certified Pool / Spa Operator R Courses • Leasing / Financing Options Available THE POWER OF RESPONSE LOCALLY FOCUSED - GLOBALLY STRONG 30 North Plains Industrial Road, Wallingford, CT 06492 | 203.949.8660 | www.BELFOR.com DISASTER RECOVERY PROPERTY RESTORATION FIRE•WATER•STORM•MOLD 24-HOUR EMERGENCY HOTLINE 800.952.0556 Board-Up | Shrink Wrap Smoke & Soot Removal Water Extraction Structural Dehumidification Mold Remediation Odor Removal Reconstruction Contents Restoration Document & Media Recovery Electronics & Machinery Restoration HVAC Cleaning Environmental Services