What Business Owners Need to Know About Taxes
Small Business Accounting – If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business. If the following four conditions are met, you must generally report a payment as nonemployee compensation.
· You made the payment to someone who is not your employee;
· You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
· You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
· You made payments to the payee of at least $600 during the year.
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Amare Berhie, Senior Tax Accountant
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