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Showing posts from January, 2015

Affordable Healthcare Act Checklist

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Veterans and the Affordable Care Act

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What’s a 1099 and why do I care?

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Information on the 1099-MISC A 1099-MISC form serves a similar purpose to an independent contractor as a W-2 does for to an employee. The form reports the total amount of payments you receive from a single person or entity during the year that you provide services to. It includes some of your personal information such as name, address and either Social Security number or employer identification number. Most importantly, it will classify each type of payment in separate boxes on the form depending on the reason for your payment. Generally, if you receive payment for contract work you do, then your annual earnings will appear as nonemployee compensation.
Who is responsible for preparing a 1099-MISC? Depending on how many different companies or people you receive payments from during the year, you may receive more than one 1099-MISC. Each payer must complete the form if during any year it pays you $600 or more. However, if you earn $500 from 20 different companies, you still must report you…