Making a certain amount of cash from pursuing a passion or by having your own side gig means you owe taxes, according to the Internal Revenue Service, but you won’t receive a W-2 form as you would ...

Form 1099-NEC is used for reporting compensation paid to nonemployees. Here's what you need to know. Many, or all, of the products featured on this page are from our advertising partners who ...

Form 1099-MISC is for miscellaneous income. But Form 1099-NEC is for payments to independent contractors and adds ...

Whether you're a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring ...

A variety of 1099 Forms are used to report income to the IRS Fact checked by Vikki Velasquez Forms 1099 report a wide range of taxable income to the Internal Revenue Service (IRS). Issuers of these ...

Disclaimer: Always consult a tax professional to ensure you understand your business tax obligations. This article compiles information directly from the IRS and is intended as a resource and not tax ...

If you run a small business and work with independent contractors, the different tax forms you’re responsible for processing with nonemployee hires might feel like alphabet soup. Two of the most ...

Many self-employed or freelance workers expect to receive 1099 forms, but few realize that if they were hired to do work and paid more than $600, then they need to send a 1099 form. It is a bit more ...

You can approach the issuer and ask the issuer to reissue it correctly. If the issuer of the Form 1099 has already sent it to the IRS, ask for a “corrected” Form 1099.

If your business pays nonemployee compensation and other reportable payments, you must be aware of two forms: Form 1099-MISC and Form 1099-NEC. Many employers are likely familiar with Form 1099-MISC.