one recurring tax issue that is a challenge for businesses and taxpayers is the IRS 1099 form
NEW YORK (PRWEB) March 07, 2018
It is tax season again and there are a lot of consumers who might have a problem understanding a 1099 form that is why National Debt Relief shared the article to help people out. The article titled “What Is A 1099 Form And How Will it Affect Me?” released March 5, 2018, explains where the form is used for and how important it is in tax filing.
The article shares that with the tax season coming up, a lot of consumers need to get ready. However, one recurring tax issue that is a challenge for businesses and taxpayers is the IRS 1099 form. Part of the problem is that people do not have an idea what the form represents and more importantly, how they will use it.
The article starts off by explaining that a 1099 form is an Internal Revenue Service form. This is specifically used to record payments to individuals who are not employees on a payroll. Also, the article explains that businesses and individuals that receive services with the value of $600 and above from someone not on a payroll needs to issue a 1099 form.
The article further adds that there are a variety of 1099s being issued to consumers. For one, freelancers and even contractors receive the 1099-MISC. This is used to report income paid to individuals who are not on their payroll. People who own mutual funds or stocks could receive a 1099-DIV. This is the form used dividend is distributed and considered an income.
The article also explains that contractors who offer and provide work for the Federal Government will normally receive a 1099-G. This is to account for their income. The article also shares that taking money out of a tax-deferred retirement account can trigger a 1099 form as well because that withdrawal is a taxable income.
To read the full article, click https://www.nationaldebtrelief.com/1099-form/.