1099-NEC vs. 1099-MISC, What is the Difference?
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- čas přidán 5. 08. 2024
- In this video we discuss the new 1099-NEC form which goes into affect 2021 for the 2020 tax year. We will discuss:
1. What is the Form 1099-NEC?
2. What is the threshold for filing a 1099-NEC?
3. When are 1099s due?
4. Are there any exemptions to filing a 1099-NEC or 1099-MISC?
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DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED
ACap will not respond to comments seeking tax or financial advice. Please consult a CPA or CFP who is familiar with your individual circumstances.
thank you so very much!!!! i was getting so confused filling out 1099-misc for 2020!
Thank you!
Thank you for this helpful video! Would you advise should I fill 1099-Misc. for non-refundable earnest money from our LLC to the seller?
Hello. As an independent logistics contractor who RECEIVED a 1099 NEC instead of the annual 1099-MISC, being the one who receives the NEC as the payee and NOT the payer who issues it, I don't have to file by Feb 1st do I? Plz help. Thanks!!!!!!!
Our non-profit has always filed 1099 misc box 3 - other income, for our contract workers. Since it wasn't in box 7 can I still continue to file the 1099 misc. Thank you so much.
Question? A PI Law firm would issue a 1099-MISC to Medical offices, where they sent clients to receive services, even if they are INC? And also, a 1099MISC to sub contracted Attorneys?
So if I wanted to rent apartment, a proof of a 1099 nec form would be proof of income?
Hello Ara, I am a self-employed without receiving a form W2 or 1099. Can you tell me which form I should file for 2021 income tax return? Thanks
What about a person who have a regular job 12 dollars an hour for 30 hours a week and the employer issue that person a 1099 NEC
Hi. Question- for Uber drivers, would you fill out a 1099-NEC or 1099-MISC when you file your taxes?
Thank you for your comment. An Uber driver would most likely receive and issue (if they paid someone $600 or more) a 1099-NEC.
if i’m a business owner, do i give my employees an NEC?
what if I as contractor not received a 1099 NEC Form?
What's a 1099 State vs 1099 Federal?
Can I used the 1099NEC form to pay someone to do work inside and outside of my house?
Yes
Could you please tell me where should I report payment to attorneys 1099 MISC or 1099 NEC
1099 MISC.
Attorney Fee payments are reported: Box 1 of Form 1099 NEC.
Gross Proceeds from a settlement to an attorney: Box 10 of Form 1099-Misc.
@@djmystery8058 yes you are right, I reported under 1099 NEC
You guys contradicted each other. For attorney fees, are they reported on 1099-NEC or 1099-MISC?
How much are the penalties if filed after the due date?
Miriam, thank you for your question. It depends. Here is a link to the IRS where it describes all the penalties.
www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-return-penalties
Where do I get a 1099 form from
hi, you can get it here: www.irs.gov/forms-pubs/about-form-1099-nec
Hi Ara! Can you please help with a dilemma I am having. I am being offered a job as tax preparer, I dont have a business or business license. The CPA will pay me with a 1099, but I hqve no idea how this works? I live in CA. Am I being paid as contractor? And do I need to have a business license? Pls help!
Hi Lennys, thank you for your comment. Unfortunately, I cannot give tax advice to non-clients, but I encourage you to ask the CPA you are about to work for and check your local city for business licensing requirements.