Do You Need to Issue a 1099? 1099-NEC & 1099-MISC Explained
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- Опубликовано: 10 июл 2024
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Due to rules complexity, many business owners struggle to understand their responsibilities when it comes to issuing the 1099-NEC and 1099-MISC tax forms. So join Navi in this video as he delves deep into the intricacies of the 1099-NEC and 1099-MISC tax forms. Learn the PRO TIP Navi shares to help you avoid common pitfalls associated with issuing these 1099 forms. Stick around and watch until the very end to enhance your understanding of these tax forms and streamline your financial processes!
IRS instructions for Form 1099-MISC and 1099-NEC: www.irs.gov/pub/irs-pdf/i1099...
Form 1099- NEC: www.irs.gov/pub/irs-pdf/f1099...
Form 1099-MISC: www.irs.gov/pub/irs-pdf/f1099...
Link to Form W-9: www.irs.gov/pub/irs-pdf/fw9.pdf
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CHAPTERS
00:00 Introduction
01:48 Purpose of the 1099-NEC
02:56 Purpose of the 1099-MISC
04:23 Exceptions for Not Issuing 1099-NEC and 1099-MISC Forms
06:53 When to issue the 1099-NEC Form
07:39 Steps on how to know if the individual/business is taxed as S or C Corp or not
09:47 Pro Tip
10:12 Final Thoughts
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Disclaimer:
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
#Form1099NEC #Form1099MISC #TaxFiling #TaxForms #IndependentContractor #SmallBusinessOwner #IRS #TaxCompliance #BusinessTaxes #TaxLaw #TaxTips #TaxSeason #TaxFilingDeadline #SelfEmployed #Freelancer #Taxation #1099NEC #1099MISC #IRSForms #TaxObligations
![How to File Form 1099-NEC & Form 1099-Misc [1099 Filing Requirements & Deadlines] IRS' Form 1099](http://i.ytimg.com/vi/lYLlh85Pldg/mqdefault.jpg)
IRS instructions for Form 1099-MISC and 1099-NEC: www.irs.gov/pub/irs-pdf/i1099mec.pdf
Form 1099- NEC: www.irs.gov/pub/irs-pdf/f1099nec.pdf
Form 1099-MISC: www.irs.gov/pub/irs-pdf/f1099msc.pdf
Link to Form W-9: www.irs.gov/pub/irs-pdf/fw9.pdf
Had no idea about the credit card payments, it's going to save me a lot of time. Thank you.
Thanks Navi. Always good info ❤
Such a timely video!
Hope it was helpful!
Thanks Navi very helpful video. 😊
Thanks for the content.
Coming in clutch. New bz owner. Just found out about today’s deadline.
What happens if a vendor/contractor won’t send you a W9 or their bz info after the work is done?
How can I confirm if vendor is an S or C Corp or taxed as such after the fact?
do you have any videos on how to properly set up a loan from the owner (shareholder) to the business?
Hi,
Do we need to report these 1099s issued during the year to IRIS also...
Can you please make a video about child tax credit. Should or shouldn’t to claim child as dependent. Thank you
What if use a virtual adress from a different county? Can this be done?
off topic, but i need help and it's hard to find anyone willing to help or take on new clients. so many questions, but my first big one is on the home office regular method. i make a lot of money with a at home business and am thinking about buying a house (second house) to use as a at home business for write offs. i thinl you can write off the percentage of your mortgage but what if you buy the house cash and there is no mortgage?
Hi Navi, Is issuing 1099-NEC replaces the need for proof of payment to the vendor?
This is really helpful... I'm a seamstress and this past year I used a person to help me with my work but I don't have a TIN can I used my SSN when I give out the 1099 NEC?
Thank you.
Payments to s Corp does not required to issue 1099nec. If paid by direct deposit, then how IRS know the payments(seems no body report it to IRS). Please explain.
Super vedio thank you
What if you paid a lawyer by cc.
Hi Navi, i have a rental property and the tenant wanted to have 1099- MISC. Do i just fill out the form and give it to them? Do i need to make them sign W-9. Thank you
If you’re collecting rent, the tenant would be issuing you a 1099-MISC and that would usually only be the case if they are a commercial tenant, not residential.
The scenario involves Company ABC, an investor in Company JKY, handling all contractor payments for Company JKY. These payments are recorded in Company JKY's books as Notes Payable to Company ABC. The question is which company, ABC or JKY, should file the 1099-NEC forms for the contractors.
@navi maraj
Sir Boi is mandatory before closing llc. I am from India and ia am owner of non usa resident llc please tell me
Hello Mr. Maraj. I have received a 1099-NEC from a customer. I only sold them products and I believe they have issued this in error. I heard you say that this doesn't apply for products. I appreciate you confirming this. I believe they issued in error and did so defensively.
Would there ever be a situation where an independent contractor would be issued a 1099 NEC and a 1099 MISC from the same payer? I have a situation with a cash advance to an IC that was reported on a 1099 MISC by the payroll company, but the IC is issued a 1099 NEC for the service they provide.
Good
Great video Navi. What about people who pay others above $600 for services done for a few residential rental properties?
If you're a landlord, you're responsible for sending your own 1099s to contractors as long as you don't have a management company handling this process for you. If you do use a property management company, you'll only send them (the property management company) a 1099. In turn, they'll issue 1099s to any contractors they hired to work on your property.
@@NaviMarajCPA Gotcha. Thank you for the fast response. Great channel!
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