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Small business owners, independent contractors and gig workers soon will be getting 1099-K tax forms if they used any payment platform on which they had at least $5,000 in business transactions in ...
The total amount of all income reported on Form 1099-NEC, which has replaced Form 1099-MISC for independent contractors, is included on Line 1 of the Income part of the Schedule C.
Streamline tax season by deciding how you will complete and send 1099s to your contractors.
If you own a business, you have to file tax forms on a regular basis. There are deadlines you must stay on top of … Continue reading → The post Small Business Tax Deadlines for 2023 appeared ...
One notable use of Form 1099 is to report amounts paid by a business (including nonprofits) to a non-corporate US resident independent contractor for services (in IRS terminology, such payments are nonemployee compensation). The ubiquity of the form has also led to use of the phrase "1099 workers" or "the 1099 economy" to refer to the ...
Form 1099-NEC replaces 1099-MISC as the form used to report independent contractor income. If you paid an independent contract $600 or more, you’ll need to file one. And if you earned $600 or ...
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