More people are required to submit 1099-MISC forms throughout the country, as the IRS is diligent in ensuring that you pay your taxes\u2013even if you are an independent contractor. Your customer sends the IRS a 1099-MISC form, which the IRS compares with the form you submit. It’s a bad idea to ignore a 1099-MISC because the IRS will track you. Anyone considered to be an independent contractor must complete a 1099-MISC form from their customer, provided that they have been paid more than $600 per year. Because you received nothing in your mail, you don’t have to file. Contact your customer and make sure that a form has been sent and that it has been sent to the correct address. Your customer may not even realize that a form is to be sent.<\/p>\n
Even if the customer does not send a form, you must report your income. Often people don’t have to report their income if they make less than $600, but that’s not the case. The first step in compiling your tax return is the 1099-MISC form. Independent contractors who use a 1099-MISC form to file their taxes must usually fill in a Schedule C calculating the income earned and any expenses that can be deducted. In addition to Schedule C, contractors must submit a Schedule SE that covers the amount due for Medicare and social security deductions. It does not have to be a difficult process to submit a 1099-MISC. A tax preparation program can make it relatively easy to file your taxes. It is important to concentrate on maximizing your benefits, since independent contractors often have a few at their disposal.<\/p>\n","protected":false},"excerpt":{"rendered":"
More people are required to submit 1099-MISC forms throughout the country, as the IRS is diligent in ensuring that you pay your taxes\u2013even if you are an independent contractor. Your customer sends the IRS a 1099-MISC form, which the IRS compares with the form you submit. It’s a bad idea to ignore a 1099-MISC because […]<\/p>\n","protected":false},"author":1,"featured_media":1444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121],"tags":[91,593,93,135],"class_list":["post-1267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income","tag-1099-misc","tag-form-1099","tag-schedule-c","tag-schedule-se"],"yoast_head":"\n