Knowing the difference between a 1099 vs W2 employee classification is key for filing taxes. Employees receive a W-2 and independent contractors receive a 1099.

Editor’s note: The following was written by Shannon Sand, regional Extension educator for the University of Nebraska, for the university’s Center for Agricultural Profitability website.

Filing taxes for the first time may seem daunting, but it’s usually fairly simple. Here’s what you need to know.

You’ll use the information to fill out various schedules and parts of your Form 1040, depending on the kind of income you receive. 1099-NEC: Nonemployee Compensation ...

A 1099-K form is sent to self-employed people who use third-party payment apps. Its threshold has been lowered from $20,000 to $5,000.

You may know that there are several types of 1099 forms. The 1099-K form specifically reports card payments and transactions from online platforms, apps, or payment card processors. Officially, this ...

The main difference between a W-9 and a 1099 is that you fill out a W-9, while the business or entity that is paying you fills out the 1099. In most cases, you should receive any 1099 form by the end ...

Who Will File The Form? Payment cards, apps, or online transaction companies must fill out this form and send it to the IRS. They are accountable for sharing the copy with taxpayers by January 31.

This tax season the threshold to get this form is lowering. Meaning more people will be filling out the form alongside him. “In 2024, they switched it down to $5,000.

IRS confirms – if you receive more than $5000 through Cash App or PayPal, you need to fill out this form – do it before it’s too late ...

You need to fill out Form 1099-MISC if you paid more than $600 in the following: Rent. Prize winnings. Attorney fees. Medical and healthcare payments. Other income payments.