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This presentation covers the basics of Form 1099-NEC, an important tax document for gig economy workers. It explains what income must be reported, who must file, and key deadlines. Useful for anyone participating in the gig economy.
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Navigating the Gig Economy: Understanding Form 1099 Reporting Requirements: www.form1099online.com
Navigating the Gig Economy: Form 1099 Reporting • More people are participating in the gig economy through platforms like Uber, Lyft, DoorDash etc. • Income earned on these platforms is reported on Form 1099-NEC.
What is Form 1099-NEC? • Form 1099-NEC reports non-employee compensation. • It is used to report income earned by independent contractors and freelancers. • Income over $600 in a calendar year must be reported on Form 1099-NEC.
Who Must File Form 1099-NEC? • Businesses that pay independent contractors over $600 in a year must file Form 1099-NEC. • This includes gig economy platforms like ridesharing and delivery apps. • The form is submitted to the IRS and a copy is provided to the contractor.
What to Report on Form 1099-NEC • Total non-employee compensation paid over the calendar year. • May include bonuses, commissions, fees etc. • Does not include reimbursements for business expenses
Form 1099-NEC Filing Deadlines • Form 1099-NEC must be provided to payees by January 31, 2024. • Paper forms must be filed with the IRS by February 28, 2024. • E-filed forms must be submitted by March 31, 2024.