So, you are an independent contractor and it is tax season. What does that mean to you? What is a 1099 tax form? It is used to report non-salary income to the IRS for federal tax purposes. There are 20 variants of 1099s, but the most popular is the 1099-MISC. Let’s explore this most common form of 1099.
The 1099-MISC is the version of Form 1099 that you use to tell the IRS whenever you are paid as an independent contractor, or any other type of self-employed person $600 or more in fees, compensation, real estate rent, prizes, awards, or any other kind of taxable income. The IRS uses this information to independently verify your income and your federal income tax levels.
Many people in the Las Vegas Valley may have more than just this 1099 tax form to fill out properly. If you were an employee of a firm AND an independent contractor in 2019, it needs to be done correctly. You can count on that with the services of Las Vegas CPA and tax preparation expert Michael Mathews. Give him a call at (702) 240-5237.