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2. Heads up if you’re a freelancer or small business owner: The ...

   www.aol.com/heads-freelancer-small-business...

   Here’s why and what you need to know before you file your 2024 taxes next year. ... 2024 the dollar-limit threshold would drop to $5,000 and further announced the 2025 threshold would be $2,500 ...

3. IRS 1099 Tax Form Explained: Here’s Everything You Need to Know

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   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.

4. 4 Things Small Business Owners and Freelancers Should ... - AOL

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   In turn, small businesses may also receive more than one 1099 for the same transaction — a 1099-K from the third-party payment processor and perhaps a 1099-NEC from an independent contractor ...

5. Tax information reporting - Wikipedia

   en.wikipedia.org/wiki/Tax_information_reporting

   The complexity that arises in filing large volumes of information returns requires many filers to depend on third party information reporting software. Form 1099-INT reports interest paid on deposits at financial institutions (and some other types of business interest as well). Form 1099-S reports income from the sale of real estate.

6. Cancellation-of-debt income - Wikipedia

   en.wikipedia.org/wiki/Cancellation-of-debt_income

   There is no exemption from the filing requirement if canceled debt in excess of $600.00 is recognized. One exception to the requirement to file 1099-C is when a student loan has been discharged due to the death or permanent disability of the borrower under provisions of the Tax Cuts and Jobs Act of 2017. The IRS has issued a notice that lenders ...

7. Misclassification of employees as independent contractors

   en.wikipedia.org/wiki/Misclassification_of...

   Employers must report the incomes of employees and independent contractors using the IRS forms W-2 and 1099, respectively. Employers pay various taxes (i.e. Social Security and Medicare taxes, unemployment taxes, etc.) on the wages of a worker that is classified as an employee. These taxes are generally not paid by the employer on the ...