Small Business Taxes

Resources and nformation about small business and self employment taxes.

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Old 02-05-2011
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Default 1099
I just looked on the IRS Website. There are a lot of 1099s out there. Made the mistake of calling IRS. After an hour on hold, no one answered. For subcontracting, I'm thinking that I would want a 1099 Misc from clients who paid over $600.00. Am I correct?
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Old 02-05-2011
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Default Re: 1099
Great question...I believe you are correct but would like to know the answer as well.
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Old 02-05-2011
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Default Re: 1099
Yes if you've made >$600 you should receive a 1099 misc. If you're the contractor paying >$600 you send the 1099 misc.
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Old 02-05-2011
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Default Re: 1099
Yes that's the one! Sorry you had to sit on hold for so long for no answer at all (I always ask at VAF *first* LOL )
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Old 02-07-2011
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Default Re: 1099
Thanks everyone. I saw the different 1099s and thought hmmmmm. Great idea, Tess. The hour wait was crazy.
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