08 \\ 1099 Rules Every Business Owner Needs to Know: Avoid Penalties and IRS Trouble
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Wed 02 Nov 2022
- Episode Link
- https://smallbusinessfinance.podbean.com/e/08-year-end-business-tax-strategies-if-you-hire-contractors/
Confused about 1099s? You’re not alone. In this episode, we break down what business owners need to know about 1099 NECs—who needs to receive one, how to collect W-9s, and why misclassifying employees as contractors can cost you. Learn the rules for payments over $600, when to issue a 1099 NEC versus 1099 MISC, how international contractors and payment platforms like PayPal affect reporting, and why missing deadlines can lead to big IRS fines. We also cover smart record-keeping practices and how to protect your deductions in case of an audit. If you want practical cpa advice and tax tips to make 1099s simple and avoid IRS penalties, this episode is a must-listen for small business owners.
Next Steps:
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