189. The 1099 Breakdown: MISC, K, and NEC Forms Explained for Entrepreneurs

If you work with independent contractors, this episode is a must-listen. With 1099 forms due on January 31st, it’s crucial to understand the differences between 1099-MISC, 1099-NEC, and 1099-K, so you can avoid any costly mistakes or trouble with the IRS.I’m joined by Brittney Suttle, a CPA and founder of Knies & Co., a virtual CPA firm. Brittney breaks down everything you need to know about preparing and filing your 1099s, including who needs to receive one, how the updated tax laws affect you, and what to do if there are mistakes.What You’ll Learn in This Episode:How to properly prepare your 1099 forms before the January 31st deadline.The differences between 1099-MISC, 1099-NEC, and 1099-K.Who needs to receive a 1099, and who doesn’t.The $600 threshold for 1099-NECsIRS updates on 1099-K thresholds and how it applies to third-party payment processors like PayPal, Square, Venmo, and Cash App.What to do if a 1099 form is sent or received incorrectly.*NOTE: This is a re-air of Episode 118: What’s The Difference Between 1099-MISC, 1099-K, and 1099-NEC Forms?Mentioned in this Episode:IRS Delays $600 Threshold for 1099-K Tax FormIRS Updated Guidelines for 1099 K-Forms In November 2024Knies & Co. Website: kniesandco.com Links and Resources:Read this Blog on 1099-K Forms and 1099-NEC Forms Creating Confusion for Taxes.Access our Free Bookkeeper List Here: https://thelegalpaige.com/pages/bookkeeping Visit The Legal Paige for contract templates, blogs, and additional legal resources, and follow me on Instagram: https://thelegalpaige.com/ Need 1:1 legal support for your business? https://griffithsuazolaw.com/  Join the TLP Facebook Community, a safe space to ask any questions related to the law or your business: https://tlpfacebook.com/