There are two main types of workers when it comes to income taxes — 1099 contractors and W-2 employees. While W-2 employees are considered direct employees of a business, 1099 employees typically ...

The Internal Revenue Service has resurrected a form that hasn’t been used since the early 1980s, Form 1099-NEC, Nonemployee Compensation, with a draft version available for preview on its website.

Closeup of Form 1099-NEC and 1099-MISC. 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. If you received ...

If you regularly work with independent contractors or vendors, you’ll probably need to send them Form 1099 at the beginning of the year. There are over 20 types of 1099 forms, but fortunately, most ...

The main difference between a W-9 and a 1099 is that you fill out a W-9, while the business or entity that is paying you ...

What is a Form 1099-MISC? A 1099-MISC is a type of tax form. It is used to report miscellaneous income for individuals and companies who have been paid $600 or more in non-employee service payments ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. If you received a lawsuit settlement in 2024, you probably ...