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FAQ

Do homeowners (non-business entity) need to issue a 1099 to a contractor that is building their home?
No, you don't need to issue Form 1099-MISC (or any tax form) to a contractor when the services provided by the contractor are not provided to you while conducting a trade or business. See the Instructions for Form 1099-MISC (2012).
If my independent contractors made less than $600 each, do I need to send them their 1099-MISC or 1099-K?
$600 is the filing threshold for About Form 1099-MISC, Miscellaneous Income. If total of all payments to an individual contractor for the year are under $600, then no 1099 is required for that contractor.1099-K is filed by payment processors, such as PayPal and Stripe, so I doubt that form applies to you. It is important to note that if you paid your contractors via PayPay, credit/debit card or some similar type of payment service, then you do not need to file a 1099 even if the total paid is more than $600. You only use Form 1099-Misc to report payments made by cash, check, ACH, wire transfer or other type of direct money transfer.
Do I have to pay taxes if my friend gave me money?
If your friends want to deduct their payment to you as an expense of their business, they are allowed to because you performed services for the business and they paid you. This means that the money is taxable to you as self-employment income. You will need to fill out a Schedule C with your tax return to show the money you got and to deduct any expenses you had in order to perform your services. If you had to drive somewhere or buy something in order to earn the money, then those costs are deductible on your 1040, Sch C.You will also have to pay Social Security and Medicare tax on the “net income” shown on your Schedule C. Part of these taxes will also be deductible on your 1040.If you do not pay taxes on it (i.e. treat it as a gift from friends), then your friends cannot deduct it against their business income. Check with them before you decide.Your friends may also send you a 1099-Misc form, which means you must report the income or receive a letter from the IRS. 1099 forms are mailed out at the end of January the year after the money was earned. So if you worked in October of 2016, expect a 1099 form in early February 2017. The taxes on the money will vary according to your income, but you should retain about 25% to pay the taxes.
Employer gave me a 1099-MISC with line 7 (non-employee compensation) filled in for a bonus I received. I am a full-time salaried employee. Employer will not correct my W-2. What should I do?
Employers do this frequently trying to get out of paying social security, medicare and unemployment taxes on this.  It's wrong, wrong, wrong every time and chaps my hide every time I see it.  They give the employee a bonus, but then push their tax burden onto the employee over it.  Jerks.Mike Emeigh  gives accurate advice on how to take care of this.  They'll be pretty grumpy when the IRS sends them letters about it.  But his advice is absolutely correct.  While you do owe your portion of FICA taxes on it, you should not have to pay the employer's portion on it, which is what they are trying to get you to do by issuing a 1099 to you.
If I hire an independent contractor, can I deduct the taxes from the payment?
Yes the $3,000 is deductible business expense. If you are a Sole Proprietorship, as you meet the $400 net income filing threshold, you will need to file a separate Schedule C (or Schedule C-EZ) for the business and claim the income and expense on that. See Income Taxation of Sole ProprietorshipIf you have a LLC, S Corporation, or C Corp, claim the business expense and income accordingly.And yeah you need to issue Form 1099-MISC to the independent contractor you hired. Regarding what 1099-MISC is, how and when to file it, IRS instructions, etc., check here: Form 1099 MISC Rules & Regulations
Is it okay for a business to pay a one-time consultant and not issue a 1099?
If you pay the consultant over $600 in one calendar year, you must issue them a 1099-MISC with their fee reported in box 7. You should collect a signed W9 form in advance from the consultant before you pay them.  This assumes that they are not otherwise exempt. For example, if your consultant is a corporation, then you would not issue a 1099. Generally, if you hire an attorney to perform legal services for your company, then you would issue the 1099 with the legal fees reported in box 7 even if the law firm is a corporation. So, in most cases, you will need to issue the 1099. See Instructions for 1099-MISC for more information.
Do marketplaces using Balanced need to pr1099's to merchants?
As a payment processor, Balanced is responsible for reporting 1099-K forms to the IRS and the payee under certain conditions. Most businesses are responsible for reporting non-employee compensation through the 1099-misc form. Here are the requirements for reporting 1099-misc:What is nonemployee compensation?   If the following four conditions are met, you must generally report a payment as nonemployee compensation.You made the payment to someone who is not your employee;You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);You made the payment to an individual, partnership, estate, or, in some cases, a corporation; andYou made payments to the payee of at least $600 during  the year.Instructions for Form 1099-MISC (2012)Here are the requirements for reporting 1099-K:Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions:All payments made in settlement of payment card transactions (e.g., credit card);Payments in settlement of third party network transactions IF:    Gross payments to a participating payee exceed $20,000; AND    There are more than 200 transactions with the participating payee.New 1099-K Reporting Requirements for Payment Settlement Entities
If I have incorporated as an S Corp, selling consulting services, do I still need 1099s from all clients?
As a corporation, unless you meet one of the exceptions specified in the instructions for Form 1099-MISC, you don't require one - for now. See http://www.irs.gov/pub/irs-pdf/i....
How do I determine if my company is a "1099" company?
They are asking you if they have to pryou with a Form 1099-MISC at the end of the year if they pay you $600 or more.Since your company is an S-corporation, and since payments made to corporations for services generally do not require the payer to issue a Form 1099-MISC, you are very likely not a "1099 company" and are "1099 exempt". See Instructions for Form 1099-MISC (2012) and look for the section discussing reportable payments to corporations. Your company would usually be a "1099 company" if it's an LLC, but might be "1099 exempt" if the LLC chooses to be taxed as a corporation. (In that case your LLC usually will be asked for a W-9.)