This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2020 must be provided to workers no later than February 1, 2021. The forms are normally due January 31, but since it falls on a Sunday in 2021, the due date is extended until February 1.
By: Alex Franch, BS EA There are more ways to make money than just working or investing. If you come into some “funny money” – money won by bets, pools, gambling, illegal gains, or somehow, buried treasure – you can bet Uncle Sam … Read More
By: Alex Franch, BS EA These days, we are constantly bombarded with economic data. I ask myself, what does all the labor market data have in common? It is clear that the robots are taking … Read More
by Alex Franch, Tax Specialist What types of taxes are you paying? Or another way to ask this is, what are the different types of taxes are you paying? 1. Federal income tax (The more you make … Read More