1099-Misc need to be issued by January 31
Who Must File Form 1099-MISC ?, Each person to whom you have paid during the year: At least $600 in: – Rents, – Services performed by someone who is not your employee (including parts and materials), – Prizes and awards, – Other income payments. Only when payments are made in the course of your trade or business. Personal payments are not reportable. You are engaged in a trade or business if you operate for gain or profit. However, nonprofit organizations are considered to b
5 Deductions for Self-Employed Workers
1. Good accounting software- such as QuickBooks,® . Do not forget to include business-related travel expenses, which are 100 % deductible, meals and entertainment, which are 50% deductible. Bank fees, educational expenses, advertising and interest payments on business credit cards are also deductible. 2. Home Office Deduction- home office deductions tend to receive a lot of attention from IRS auditors. The home address must be the principal place of business, and the room y
