How e-File Protects your Tax Refund
Filing your taxes online is actually the safest way to handle your tax return, according to the IRS. Here's why!
ReadIf you pay an independent contractor more than $600 in the tax year, you’re required to report total annual compensation paid to the contractor on Form 1099-NEC. The form records nonemployee compensation for tax purposes and is provided to the IRS and the independent contractor.
The IRS has instructions for filling out a 1099-NEC on their site.
If you are an independent contractor receiving a Form 1099-NEC you will report that nonemployee compensation, along with other compensation received for your business, on a Schedule C, Profit and Loss from Business, when you file your taxes.
You got it. We’re always here to help.