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How can you know if your 1099 is correct? When you look at it, it seems to show numbers which are either more than you depositied or less than you deposited. In some cases, these figures can be so far apart you are freaking out.
In today/s episode, I will guide you through some specific information to help you better understand your 1099. I will also provide some links where you can read even more into your specific sitution.
I strongly suggest you find a bookkeeper or small CPA firm who fully understands the deep dive into the sales and marketing world, specificly those of you who are Main Street Entrepreneurs, working from home in a side gig or side hustle where you have unique advantages over a W2 employee. Also you Main Street Entrepreneurs with brick and mortar business should never try to get all this right on your own. You may be paying your folks as W2 when they should be 1099, or the other way around.
What is a Statutory NonEmployee (Independent Contractor) -https://www.irs.gov/businesses/small-businesses-self-employed/statutory-nonemployees
How to understand your 1099 -https://www.irs.gov/publications/p15a
Living An Epic Adventure,
Disclaimer: This episode is for educational purposes only. You should contact a Tax Professional to review your specific situation.