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Form 1099 Compliance for Paying Contractors.

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Benefits for Contractors

1099s do not withhold taxes, so contractors receive more money up-front than employees pay via W-2s, which withhold taxes. During tax season, contractors who receive 1099s can claim itemized deductions; some might even be able to claim large write-offs, such as the home office deduction. Independent contractors who set up small business retirement plans have the option to defer more income when compared to the traditional IRAs offered to most W-2 employees.

Benefits for Clients

Clients — short-term employers of subcontractors — will find 1099s a simple form to file. When paying contractors via 1099, clients do not have to withhold income taxes, withhold or pay Social Security or Medicare taxes or pay unemployment taxes. Clients don't have to provide benefits or training to 1099 contractors. When filing 1099s, employers are less likely to incur legal issues related to discrimination or wrongful discharge.

All you need to know.

All That You Need Inside the Application.

If you’ve done any work as a freelancer or independent contractor, then you could receive a 1099 form from companies you’ve worked with (most likely a 1099-MISC). 1099-MISC forms report to the IRS exactly how much a company has paid you in the last tax year as a non-employee — they are the alternative to W-2 forms which companies and organizations use to declare income for employees.

Available 1099-K , W9 & Form W2:

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Be informed of all contractors

Have you paid an independent contractor to perform services for your company or business? Then you likely need to report their pay to the IRS and to them via form 1099-MISC. The form 1099-MISC is an information return used to help businesses/individuals accurately report their income on their tax returns and provides a mechanism for the IRS to ensure that the income was properly reported.

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Frequently Asked Questions, Get Detailed Answers

That means you'll receive an IRS Form W-2 in January. In contrast, if you're an independent contractor, you'll get full pay with no deductions. Of course, you are liable for your own taxes. Come January, assuming your total pay was $600 or more, you'll receive an IRS Form 1099.
Although both of these forms are called information returns, they serve different functions. Employers use Form W-2 , Wage and Tax Statement, to:
  • Report wages, tips, and other compensation paid to an employee.
  • Report the employee's income and social security taxes withheld and other information.
  • Report wage and withholding information to the employee and the Social Security Administration.
  • The Social Security Administration shares the information with the Internal Revenue Service.
Payers use Form 1099-MISC , Miscellaneous Income, to:
  • Report payments made in the course of a trade or business to a person who's not an employee or to an unincorporated business.
  • Report payments of $10 or more in gross royalties or $600 or more in rents or compensation.
  • Report payment information to the IRS and the person or business that received the payment.
If payment for services you provided is listed in box 7 of Form 1099-MISC, Miscellaneous Income, the payer is treating you as a self-employed worker, also referred to as an independent contractor.
  • You don't necessarily have to have a business for payments for your services to be reported on Form 1099-MISC. You may simply perform services as a non-employee.
  • The payer has determined that an employer-employee relationship doesn't exist in your case.
If you weren't an employee of the payer, where you report the income depends on whether your activity is a trade or business. You're in a self-employed trade or business if your primary purpose is to make a profit and your activity is regular and continuous.
  • If you're in a self-employed trade or business, you must include payments for your services on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship), or Schedule C-EZ (Form 1040), Net Profit From Business (Sole Proprietorship).
  • If you're self-employed, you'll also need to complete Schedule SE (Form 1040), Self-Employment Tax, and pay self-employment tax on your net earnings from self-employment of $400 or more.
  • There's no withholding of tax from self-employment income. As a self-employed individual, you may need to make estimated tax payments during the year to cover your tax liabilities.
  • If you're not an employee of the payer, and you're not in a self-employed trade or business, you should report the income on line 21 of Form 1040, U.S. Individual Income Tax Return, and any expenses on Schedule A (Form 1040), Itemized Deductions.
If you believe you may be an employee of the payer, see Publication 1779 , Independent Contractor or Employee, for an explanation of the difference between an independent contractor and an employee.

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Available Tax Forms: