When do you need to submit a 1099?

What is the Form 1099-MISC and when do you need to submit one or more? ????????‍♀️

???????? You need to send a 1099 to the IRS for each contractor/partnership that you’ve paid $600 or more to during the tax year (January – December).

· This only applies to US citizens (even if they are living abroad) ????????

· You will need their name, address, tax ID number, and the amount of payment (it’s a good idea to ask for their W-9) ????

· Payments given via PayPal and credit cards don’t require a 1099 ????????‍♀️

· The deadline to mail these in is 31 January 2020 ????

You can mail this form in or file yours directly through Quickbooks Online. Check out our “Be Prepared: Tax” training for more info and directions on how to do so.

Have you submitted yours yet?

Send me an email at hello@masteryourfinancestoday.com if you have any questions or need any help!


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