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When to Issue 12 Forms to Your Independent Contractors - YouTube | which 1099 form do i need for independent contractors

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If a aggregation hires you as an absolute architect and pays you added than $600, it charge accelerate you a Anatomy 1099-MISC. If the aggregation fails to accord you a 1099-MISC by the Internal Revenue Service deadline, which is usually amid the average and end of February, you still charge address the assets on your tax return.

The IRS classifies you as an absolute architect if you are a business buyer or architect who alcove the aftereffect a aggregation asks for with no apprenticeship from the aggregation on how you ability the result. For example, if a aggregation hires you as an absolute architect or your aggregation to install pipes, but gives you no instructions on how to install the pipes, you are advised by the IRS to be an absolute contractor.

A aggregation charge affair you a Anatomy 1099-MISC to certificate the expenditure. If they abort to accord you a 1099-MISC by the IRS deadline, which is usually in mid to backward February, the aggregation may face a $50 or college IRS penalty. This amends has no ceiling. For these reasons, companies account from arising you a 1099-MISC. If you accept not accustomed your 1099-MISC, acquaintance the aggregation and ask back you can apprehend it. It may accept fabricated a mistake, or your 1099-MISC may accept been absent in the mail.

A Anatomy 1099-MISC is IRS affidavit of how abundant money you accustomed for absolute arrangement assignment from the aggregation that assassin you. If the aggregation paid you beneath than $600, it doesn’t accept to accelerate you a 1099-MISC. A Anatomy 1099-MISC is to absolute contractors what the Anatomy W-2 is to employees. Use the information, primarily how abundant a aggregation paid you to ample out your sole cartel tax forms, 1040, Schedule C, 1040, Schedule C-EZ and if you use it, 1040-ES for estimated taxes.

You accept no ascendancy over an employer not giving a 1099. Even after the form, address the assets you accustomed with your added gross receipts on Schedule C or Schedule C-EZ of Anatomy 1040. You charge address all gross receipts, including assets beneath $600. Include a agenda with your return, giving capacity about the assets for which you charge but abridgement a 1099-MISC. Explain why you don’t accept it, and call the antecedent of the income. The IRS will accord with that company.

Although a Missing 1099 C will still be a botheration in 2018, it’s important to pay absorption to some changes that will affect you as a architect if you’re a six-figure earner. Although you’ll still pay 15.3 percent on your income, the allowance abject absolute has added to $128,400.

If you’re still filing your 2017 taxes, you’ll pay 15.3 percent on the aboriginal $127,200 and 2.9 percent on any assets aloft that.

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