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The IRS currently has 21 different versions of Form 1099, but the two primary types you need to know are the 1099-MISC and the 1099-NEC. You need to fill out Form 1099-MISC if you paid more than ...
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 ...
While Form 1099-MISC is used to report … Continue reading → The post Form 1099-MISC vs. 1099-NEC appeared first on SmartAsset Blog. Form 1099-MISC vs. 1099-NEC: Which Do I Need For Taxes?
The ubiquity of the form has also led to use of the phrase "1099 workers" or "the 1099 economy" to refer to the independent contractors themselves. [ 3 ] In 2011 the requirement was extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property.
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
1099 Forms. Types of Income Reported. Minimum Reporting Requirement. Date Due to Recipient. Date Due to IRS. 1099-A. Acquisition or abandonment of secured property (e.g., foreclosure or repossession)