If you’re an employee, you’ll receive a W-2. And if you’re an independent contractor, you’d receive a 1099 form. Likely, you ...

Form 1099 reports freelance payments, income from investments, retirement accounts, Social Security benefits and government payments, withdrawals from 529 college savings plans and health savings ...

What is a Form 1099-MISC? A 1099-MISC is a type of tax form. It is used to report miscellaneous income for individuals and companies who have been paid $600 or more in non-employee service payments ...

The IRS 1099-NEC form is used now instead of the 1099-MISC. The form is used by businesses to report non-employee compensation. So generally, when you’re self-employed, businesses will typically ...

Misclassifying W-2 employees as 1099 contractors has severe penalties. Learn the biggest difference between the two types of ...

Fortunately, there are plenty of tax-advantaged options available for 1099 workers ... SEP IRA can be set up for both the employer and the employees of a business to provide a valuable employee ...

you reported it on Form 1099-MISC, in Box 7, for non-employee compensation. For 2019 and prior years, putting income in Box 7 of a Form 1099-MISC tipped the IRS off that you should be paying self ...

Opinions expressed by Forbes Contributors are their own. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Beginning in 2017 for 2016 payments, the IRS has moved up the filing date ...

Each year, employees receive a Form W-2 that provides details of the prior year’s earnings, taxes withheld, and other miscellaneous data (such as the taxable cost of group term life insurance, the ...

That’s mainly because of changes to a federal tax reporting rule that requires third-party payment networks, including apps and online marketplaces, to send a form 1099-K to millions of online ...