As a small business owner, you’re probably familiar with the 1099 series of tax forms. If you’ve hired any independent contractors during the previous year, you’ll need to issue them Form 1099 Misc to report their earnings to the IRS. But what about workers who are non-employees? That’s where Form 1099 NEC Tax comes in. This form is for workers who are treated as self-employed, but who don’t quite the IRS. New Form 1099 NEC, which is used to report payments made to independent contractors for services rendered. This form is in addition to Forms 1099-MISC and 1099-K, which are …

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The new 1099 k tax rules have a lot of people wondering how it will impact their taxes. One of the questions on a lot of people’s minds is whether they can now earn a side 1099 income without being taxed at an absurdly high rate. The answer is, unfortunately, not quite yet. The new Form 1099 K rules state that “report the third-party network transactions” made exceeding $600 in a tax year. And, the payment made through payment card transactions must be 200 individual transactions exceeding $20,000 remains the same. All About IRS Form 1099 K IRS 1099 K …

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While some businesses may not have to pay taxes on their profits, understanding the tax treatment of any gains that might arise from a sale of an asset is still essential. Even if you are up to date with your tax accounting, you still need to know what to expect when there is a change in the tax rates or how business-related gains are taxed. This blog post will look at the tax treatment of business-related ordinary gains. Basic understanding of business-related ordinary gains’ tax treatment If you are a business owner or run a small business, you might be …

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