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Small businesses that hire contractors may need to file Form 1099 with the Internal Revenue Service each tax year. Form 1099 is used to report payments to independent contractors instead of the W-2 form used for employee wages.
There's a lot to think about, so we put together an easy-to-follow quick guide that includes information about:
- Reporting Requirements.
- The $600 Rule.
- Royalties and Broker Payments.
- Exceptions and Much More.
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