15: How to Best Set Up 1099 Contractors

As the business owner, it’s your responsibility to set up 1099 contractors properly and issue them the 1099s on time. A 1099 contractor is anyone you have paid $600 or more, cumulatively, for that year. Sydney shares with us everything to know about 1099 contractors so you can onboard them properly, track what you’re paying them and issue the 1099s on time. In this episode, you’ll learn: 01:52 — What is a 1099 contractor?03:58 — Avoid this IRS red flag that can lead to an audit 07:13 — How business owners determine whether someone is an employee or is this a 1099 contractor11:29 — Why would a business want contractors over employees or vice versa?📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDEGet the Profit and Loss Guide ❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANTGet the Tax Planning Questions Guide 🛍 75+ TAX WRITE OFFS Get the Tax Write Offs ✅ BOOKKEEPING CHECKLISTGet the Book Keeping Checklist 💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERSApply for Bookkeeping or Financial Analysis Services 👋 CONNECT WITH SYDNEY & KRISTEN Website: https://knowyourworthpgh.com/Instagram: https://www.instagram.com/knowyourworth_pgh/ YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/