I have recieved a 1099-misc form after i have already submitted my taxes. what is the procedure handling this? can i hold this till next year's taxes and if so what is the consequence by doing so?

Do not hold it until next year. You need to file an amended return. I have done this in the past and it is not that big of a deal, but do need to you need to deal with it because the IRS will notice and let you know.

See info on amending a return here Tax Topics - Topic 308 Amended Returns

“I have recieved a 1099-misc form after i have already submitted my taxes. what is the procedure handling this?”--->UNLESS you included the amount on 1099 line 7 ( by using some stubs or etc), yo need to file amended return t include the amoun ton 1099 on your Sch C / Sch SE and 1040 line 12. Perhaps you need to file amended returns for both federal and state returns. The IRS refers to 1099 forms as information returns. Businesses utilize information returns to report particular transactions to the IRS. For example, the 1099-MISC form is used to provide data to the IRS for a number of types of income including non-employee compensation, the type often used to pay independent contractors or the self-employed who complete a job for the business.Businesses required to file Form 1099 for certain transactions file one copy of the 1099 with the IRS, as well as providing the taxpayer with a copy. Thus, if the issuer of the 1099 form followed correct procedure, the IRS already has the information on file. The taxpayer's return should match the data provided by the business that filed the 1099. Data on 1099 forms affect income and the IRS makes clear that incorrect reporting of income is one of the specific reasons a taxpayer should file an amended return. Furthermore, transactions reported on 1099 forms may affect tax return form sections on deductions, tax liability, payments and refunds. You need to file Form 1040X to amend federal tax returns 1040-EZ, 1040-A, and 1040. A copy of the omitted 1099 form should be attached and filed with the amended return only if federal taxes were withheld.
“ can i hold this till next year's taxes and if so what is the consequence by doing so?”--->No;the Internal Revenue Service expects taxpayers to file and pay their taxes (owed) in full by April 15.if a taxpayer has filed for and received an extension from the IRS, then taxes must be filed and paid by that date. For each month taxes are filed late, the penalty is five percent for the month (or portion of the month) that the return is late. The taxpayer will not be expected to pay more than 25 percent in late penalties.if a return is more than 60 days late, the penalty is $100 or 100 percent of the return.If youhave not filed or paid your taxes in full on time, the IRS will either bill or file a substitute return. This return will not have all of the exemptions or expenses you would be entitled to, and this will make your tax bill considerably higher.You, a s a delinquent taxpayer, could also see a lien placed on property. in effect,you could lose any land you own, as well as your home.If you havn't filed your overdue tax return, you could find your wages or bank accounts have been levied by the government to pay the overdue tax bill.

Thank you for your teimly reply. OK so i'll pay the 1099-misc charge. The follow up question: I live in a apartment seperate from my main residence. can i deduct or a portion of my rent against this 1099-misc income? I use the apartment for other reasons but also work out of it. can my monthly rent be used as deductions?

“ I live in a apartment seperate from my main residence. can i deduct or a portion of my rent against this 1099-misc income?”---->I guesss it depends; in general, you may deduct ordinary and necessary expenses for renting or leasing property used in a TRADE or BUSINESS. If you own your own business, you may deduct the rent or lease amount of the property used in the operation of your business. Also, in many cases, you may deduct rent paid for necessary equipment.So, as your rent(business expense) is directlyrelated to your income on 1099MISC on line 7, then you can deduct your rent on Sch C line 20 (a) or (b).
“I use the apartment for other reasons but also work out of it. can my monthly rent be used as deductions?”---->As described above, as long as your apartment is used for your business and trade, then you can deduct you rent; for example, if you are self-employed( as sol proprietor, or an IC or etc) and use part of your home for work, you may deduct rent on your tax return based on the percentage of the home used for business. According to TurboTax, in the 1990s the United States Congress made it easier for home business operators to claim the home office deduction. The home office deduction can provide valuable income tax savings for a business operated out of your home. Fortunately, the deduction is available whether you rent or own the home where you live and work.HOOWEVER, having a desk in your apt. and calling it your office doesn't qualify as a legitimate home office. You need to learn what does qualify so you can get the most out of your expenses. For tax purpose you'll need to know the total square footage of yourapartmentand measure the length and width of your office, multiply them to get the square footage of your office. ALSO, you should keep a record of this in your Year End book/ file. This file is for all the papers you'll need to take to your accountant during tax time.Please visit the IRS website here fir more info: http://www.irs.gov/pub/irs-pdf/i8829.pdf