🔔Everything Businesses Need to Know About the 1099 Form #Freelance
🔺 A 1099 form is a way of reporting that a non-employee has been paid for a job by someone who is not their employer. It is a piece of documentation that the IRS requires, and individuals will use it to declare income that is not from a traditional employer/employee relationship. For example, while employees use a W-2 form, independent contractors use form 1099-NEC.
There are a few different types of 1099 forms that you may hear about, including:
🔺1099-NEC: This is the standard form that employers need to use to declare income given to non-employees. A business will use 1099-NEC to report any non-employee compensation that is above $600 in the tax year. It replaces the function that was held by box 7 of the 1099-MISC form.
🔺1099-MISC: As MISC is short for miscellaneous, it’s no surprise that this form is used to report income that doesn’t fall into the usual categories of employee wages, or freelancer payments. Almost any payment that a business makes of more than $600 needs to be reported on this form, including medical and healthcare payments, renting of equipment of office space, awards and prizes, and cash payments or royalties of any kind.
🔺1099-K: This form is related to income that you receive for goods and services that arrive via credit card, or any other third party payment system. This includes FinTech apps such as CashApp or Venmo. While previously, you would need to receive more than $20,000 across more than 200 transactions to file a 1099-K, for 2023, the IRS has reduced the reporting threshold to $600, no matter how many transactions are received.
🔔Everything Businesses Need to Know About the 1099 Form #Freelance
🔺 A 1099 form is a way of reporting that a non-employee has been paid for a job by someone who is not their employer. It is a piece of documentation that the IRS requires, and individuals will use it to declare income that is not from a traditional employer/employee relationship. For example, while employees use a W-2 form, independent contractors use form 1099-NEC.
There are a few different types of 1099 forms that you may hear about, including:
🔺1099-NEC: This is the standard form that employers need to use to declare income given to non-employees. A business will use 1099-NEC to report any non-employee compensation that is above $600 in the tax year. It replaces the function that was held by box 7 of the 1099-MISC form.
🔺1099-MISC: As MISC is short for miscellaneous, it’s no surprise that this form is used to report income that doesn’t fall into the usual categories of employee wages, or freelancer payments. Almost any payment that a business makes of more than $600 needs to be reported on this form, including medical and healthcare payments, renting of equipment of office space, awards and prizes, and cash payments or royalties of any kind.
🔺1099-K: This form is related to income that you receive for goods and services that arrive via credit card, or any other third party payment system. This includes FinTech apps such as CashApp or Venmo. While previously, you would need to receive more than $20,000 across more than 200 transactions to file a 1099-K, for 2023, the IRS has reduced the reporting threshold to $600, no matter how many transactions are received.
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