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0:36
How Do 1099s Work For Content Creators?
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2 months ago
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Filing your taxes as a student can be overwhelming especially when you’re receiving W-2s, 1099s, and a 1098-T. This series will break it down so you can file accurately. #taxtips #studenttaxes #gradstudentlife #collegelife #financialliteracy
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Here’s everything you need to file 1099s the right way 👇 Your Business Info: • Your business legal name • Business address • EIN (or SSN if you don’t have an EIN) Contractor Info: • Contractor’s full legal name • Contractor’s mailing address • Contractor’s SSN or EIN (from a W-9) Payment Info: • Total amount paid to each contractor Correct form matters: – 1099-NEC → services ($600 or more) – 1099-MISC → rent, prizes, other income Deadlines you can’t miss: - Send to contractors by January 31 - S
12.1K views
8 months ago
TikTok
melissa.san.roman
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flaxontax
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Of course do remember, if you are someone who receives 1099s in your business, and especially if all or just about all your income is reported on a 1099, make sure all those are in so you can reconcile them to your income before completing the return. Otherwise, if your 1099s exceed your reported gross income, the IRS will send you a letter on the shortfall (with extra taxes owed). #cpa #writeoffs
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May 30, 2024
TikTok
nickthecpa
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