Up until 2020, if you were paying an independent ... the IRS off that you should be paying self-employment tax too. Now, use Form 1099-NEC, and if you receive one, remember that self-employment ...
The 1099-NEC form tips off the IRS to collect self-employment taxes, in addition to income tax. In fact, apart from wages, whatever you were paid is likely to be reported on a Form 1099.
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What Is a 1099 Form and What Should You Do With It?“Sole proprietors need to keep their own records because they aren’t necessarily going to get a 1099-NEC,” says Annette Nellen, professor and director of the graduate tax program at San Jose State ...
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1099 vs. W-2 Employee: What’s the Difference and What Does It Mean for Your Taxes?The 1099-NEC will contain a variety of information, including the name and address of the payer and recipient, total ...
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