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3 giorni fa · Lawyers and clients have ample reasons to care about IRS Forms 1099, which allow computer matching of Social Security numbers and dollar amounts paid. In most cases, Forms 1099 report income, so if you receive a Form 1099, check the numbers. You may not be able to change it, but you’ll usually need to report it on your tax return.
4 giorni fa · The main distinction between the 1099 vs. a W-2 form is that the former is issued to independent contractors and non-payroll workers, while the latter is issued to salaried and payroll employees. There are several variations of 1099 forms, but the most recognizable ones are 1099-NEC, 1099-MISC, 1099-INT, and 1099-DIV.
4 giorni fa · The 1099 form's recipient is not an employee of the business, so the business is obligated only to tender the income to the contractor without any deductions. This income is also reported to the Internal Revenue Service so that it can track and tax the income earned by freelance workers.
3 giorni fa · Form 1099-MISC vs. Form 1099-NEC. Even if it is certain that you will receive a Form 1099, there are different 1099s, and different boxes on the forms that signal different things to the IRS. The most common form is Form 1099-MISC, for miscellaneous income. But to discuss it, we must also talk about Form 1099-NEC.
3 giorni fa · The IRS released a draft version of the new Form 1099-DA, Digital Asset Proceeds From Broker Transactions, on April 18, 2024, based on the proposed broker reporting regulations. As the name suggests, the form will be used for reporting proceeds from digital asset broker transactions and is a result of the 2021 addition of broker reporting requirements to the Internal Revenue Code.
3 giorni fa · The Internal Revenue Service (IRS) states that you need to include all of your income on your tax return. Now, it's a no-brainer that you'll report the income from your job and your freelance work, but what about your lucky night at the casino or the big win from your fantasy football league?
2 giorni fa · A 1099 mortgage allows borrowers to use their 1099 forms to show their income. 1099 mortgages can be smart for self-employed borrowers like freelancers, as well as business owners who take...
