Well followers, I really just wanted to let my subcontractors know that their 1099s will be on the way as soon as I possibly can get to it. But that seems like a waste of space, so just a few notes for other audience members, too:
1099s are reports of pay given to non-employees, including independent contractors. If you hired an IC (such as an editor or writer) in 2012, you should report their pay via 1099 to both the IRS and the contractor themself *if the total pay for the year is more than $600USD.*
If you are new to the career, you’ll likely note these handy dandy 1099s rolling into your mailbox in about a week. You’ll need to take this paperwork to your tax preparer, same as any other tax paperwork. Yup, Uncle Sam expects his cut of that project pay.
Note for all: My hubby, the accountant, told me that the IRS isn’t even accepting tax paperwork until February 1, due to the new tax code. So much for all those new shiny big screen TVs for the Super Bowl.
If you enjoyed this article please consider sharing it!