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Independent Contractor

If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business. If the following four conditions are met, you must generally report a payment as nonemployee compensation.

  1. You made the payment to someone who is not your employee;

  2. You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);

  3. You made the payment to an individual, partnership, estate, or in some cases, a corporation; and

  4. You made payments to the payee of at least $600 during the year.

Have you paid anyone $600 or more?

Do you have a contract with the people you paid $600 or more?

Did they provide you with all the documentation needed to be your independent contractor?

Have you hired your KIDS yet? WHY NOT?

#Taxes #IndependentContractor #Form1099 #Accounting #Business #Expenses

If you would like to learn more about this topic, please feel free to take Profit or Loss/Human Resources & Accounting Workshop.

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