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1099 subcontractor tax deductions Form: What You Should Know

What is the 1099-Misc tax form, and can we use it for employee compensation? — Intuit Sep 25, 2024 — The 1099-Misc form is used in the following situations: • An employee is paid an amount that is more than 600 in a calendar year (the non-employment income threshold). Note that if you are not paid a salary, your wages are not taxable for purposes of this income tax form.

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Video instructions and help with filling out and completing 1099 subcontractor tax deductions

Instructions and Help about 1099 subcontractor tax deductions

Hello and welcome to $2.99 independent contractor's taxes part 2. My name is Sam and this is s33 olestra channel. This series of videos is all about bookkeeping and taxes and how to do it all. It is important when we went over the very basics of quality ba get a ein, open your bank account (business account, personal account), and we thought a little bit about how you should spend out of each one. In this part 2 series, we're going to go a little bit more in depth. The whole idea here is to help you follow your taxes if you're a 1099 independent contractor. If you're working as a W-2 and you're happy with your current income, consider yourself lucky. But if you find yourself in the realm of 1099s, it's okay. It can work out better for you, it just depends. So we're going to talk about it. I think we covered everything pretty well. If you don't know how to file a DBA, you have to do a little more research. There's plenty of information and resources to help you do that and the EIN as well. I'm not going to go real in-depth on that. This is something you have to figure out. We're going to focus in on taxes and when I go talk about, you're going to have to account for the amount of business and personal. Okay, it's really simple. You're going to have the two bank accounts. You can have the cop for your business and account for your personal. In your business, everything that comes out is business and there's no one that's going to enforce this. There's no like you don't get like a red or pink or something kind of like fine or something if you don't...