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What is a 1099 and who actually gets one?  If you pay for services, the IRS is paying attention—watch the full video on YouTube later today and stay tuned for daily 1099 shorts.  #1099 #SmallBusinessTaxes #BusinessOwners #TaxBasics #IRS #EntrepreneurLife #AccountingTips #IRS #IRSrules | ACap Advisors & Accountants | Facebook
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FacebookACap Advisors & Accountants
Quick explanation of what a 1099 actually does because this gets misunderstood a lot. A 1099 is not a bill. It’s not extra tax. And it’s not optional paperwork. A 1099 is how the IRS tracks income that didn’t go through payroll. If you pay a contractor, the IRS wants to know: ‘Hey someone got paid. Did they report that income?’ The 1099 tells them: Who you paid How much you paid And that the money left your business That’s it. For you as the business owner: Issuing a 1099 helps support your dedu
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