The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. In this guide by Freelance Central you will get to know about the details of Form 1099-NEC.
Form 1099-NEC Instructions for 2020
How to Fill Form 1099-NEC?
Deep dive into each and every detail of the newly introduced Form 1099-NEC. This guide by Freelance Central will take you through all the required fields for filing form 1099-NEC.
Form 1099-NEC Penalties
Not filing 1099-NEC in time will certainly accrue a penalty, but there are conditions as well wherein you may get penalised. Know about all these conditions and have to avoid 1099-NEC penalties.
What is form 1099-MISC?
Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income paid to another individual in the form of royalties or broker payments instead of dividends or tax-exempt interest. Form 1099-MISC is used to report business payment—not a personal payment
What is Form W-9?
You need to send a Form W-9 to an independent contractor or a freelancer if you paid them a service fee of $600 or more. The contractor needs to provide his/her contact information and tax number on Form W-9. You will need these details while filing Form 1099-NEC.
What is 1099-NEC State Filing?
Don't know the rules for filing your 1099-NEC forms? Our guide contains detailed state filing rules & formalities for easy filing.