If you are a business and you pay contract labor, you must issue the contractor a Form 1099-NEC if: The amount you paid to the contractor is $600 or more for the year, and The contractor isn’t taxed as a corporation. If you pay with a credit or debit card, or via a third-party processor […]
Here’s a question from one of my business clients who’s new to business ownership: What is the amount of money we can pay someone that we can still write off as an expense but not have to file withholding? I heard $800 from someone but that’s hearsay.
This is a rare case where I can give a straight, firm answer: the 1099 should show the gross amount of rent collected.
Why file a Form 1099? It’s the law – and the IRS is increasing enforcement in this area.
What to do when a management company issues a wrong 1099 to rental owner
The IRS says businesses must issue 1099s to veterinarians, even if the vet is incorporated.
Does a business need to issue a 1099 to an incorporated veterinarian for veterinarian services? The IRS says yes.
Have a tax question burning in your mind? E-mail me at email@example.com. (Ask Jason has been discontinued) DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. Q: My mother had an IRA […]