Everything You Need to Know About Sending and Receiving 1099s

Welcome to episode 470 of Keep What You Earn, the podcast where we break down complex financial concepts for entrepreneurs. In this episode, Shannon shares the ins and outs of 1099s. She covers everything from who needs to file them and who needs to receive them, to what to do if you receive a 1099 from a customer. Whether you're a seasoned business owner or just starting out, this episode has everything you need to know about handling 1099s, just in time for the upcoming deadline. So, get ready to dive into the world of 1099s with Shannon.

What you'll hear in this episode:

06:21 Contractors go through the 1099 filtration system in QuickBooks.

07:26 Consistently name payees, issue 1099, W-9.

13:46 Communicate potential tax reporting errors tactfully. Plan.

15:49 Report 1099 NEC income with Schedule C.

If you like this episode, check out:

How to Stop Feeling Unprepared For Tax Time

Unlocking Business Success: Mastering the Art of the Accountable Plan

The Truth Behind TikTok Tax Strategies

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.