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 ...

While Form 1099-MISC is used to report … Continue reading → The post Form 1099-MISC vs. 1099-NEC appeared first on SmartAsset Blog.

The 1099-MISC form is also used to report any direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

What 1099 Form Do You Get for Being an Independent Contractor?. If you perform services as an independent contractor, then you should receive Form 1099-MISC at the end of the year.

Defining Form 1099-MISC Form 1099-MISC instructions state that businesses must issue the form whenever they pay $600 or more per year to a non-employee entity working with that business.

The Internal Revenue Service has resurrected a form that hasn’t been used since the early 1980s, Form 1099-NEC, Nonemployee Compensation, with a draft version available for preview on its website.

The most common is Form 1099-MISC, which can cover just about any kind of income. Consulting income, or non-employee compensation is a big category for 1099-MISC.

Ask The Taxgirl: Form 1099-MISC MistakeThanks, Taxgirl says: The first thing I would do is obtain a copy of the form 1099 (I'm assuming you don't have one). The easiest way to do this is to order ...

Dr. Nicholas Angelopoulos (Dr. Nick) received an IRS Notice in 2011 for additional income taxes in 2007 based on form 1099-MISC sent to him. The form showed $159,000 as taxable income to him, but it ...