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1099-MISC vs. 1099-NEC: both types of 1099 forms are used to report income received by non-employees or independent contractors, but which one is right for your business? #businessowner #taxes #1099 #taxtips #taxseason #taxtime
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Here’s everything you need to file 1099s the right way 👇 Your Business Info: • Your business legal name • Business address • EIN (or SSN if you don’t have an EIN) Contractor Info: • Contractor’s full legal name • Contractor’s mailing address • Contractor’s SSN or EIN (from a W-9) Payment Info: • Total amount paid to each contractor Correct form matters: – 1099-NEC → services ($600 or more) – 1099-MISC → rent, prizes, other income Deadlines you can’t miss: - Send to contractors by January 31 - S
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