Any CPA's in here?

[88m3]

@Camile.Bidan @Hijo de luna

Wanna break down what a Form 1099-MISC is and who exactly needs one? I'm not quite getting it.

 

[Hijo de luna]

@Camile.Bidan @Hijo de luna

Wanna break down what a Form 1099-MISC is and who exactly needs one? I'm not quite getting it.

All income is taxable unless specifically excluded by law. 1099's are used to report non-employee compensation. Self employed/independent contractors/freelancers should all receive a 1099-Misc showing what they were paid during the year. The 'Misc' is all inclusive, any other kinds of income/payments that you have received-rents, prizes, royalties. Big daddy wants to know about it so he can get his share.

 

[88m3]

All income is taxable unless specifically excluded by law. 1099's are used to report non-employee compensation. Self employed/independent contractors/freelancers should all receive a 1099-Misc showing what they were paid during the year. The 'Misc' is all inclusive, any other kinds of income/payments that you have received-rents, prizes, royalties. Big daddy wants to know about it so he can get his share.

the misc forms are only for people I pay for services though right?

accounts
maintenance
cleaners
lawyers

I wouldn't do one for say Verizon since I pay them for phone etc.


I also don't get what they mean about "rents"?
Rent I pay to x ?

http://www.irs.gov/pub/irs-pdf/i1099msc.pdf

vague