If you’re a business or a non-profit based in the US and you’ve utilized the services of independent contractors or freelancers, you will have to prepare the IRS Form 1099-MISC and provide it to them after they submit the IRS Form W-9. The 1099-MISC, officially titled ‘Miscellaneous Income’, is used to report all the payments you’ve made to any non-corporate entities (such as independent contractors) for their services. This form is used to report “non-employee compensation” to the IRS.
Note: If you’re an independent contractor or freelancer, all the business that you’ve worked with over the last financial year and have paid you for your services will have to issue the Form 1099-MISC to you, after you submit the IRS Form W-9 for the services rendered by you. Here’s how to fill out form W-9 on a Mac.
You will need the 1099-MISC form if you’re a small business owner based in the US and have made payments of over $600 to independent contractors or freelancers (non-corporate entities). These contractors or freelancers fill out form W-9 instead of you and send it to you.
Follow these 6 simple steps to fill out Form 1099-MISC on Mac:
- Misspelling your own TIN, your recipient’s, or their Account number will most likely result in your form 1099-MISC being rejected; so make sure the information is entered correctly.
- Make sure that you enter the correct values for the payments you’ve made to your contractors. It’s important to avoid surprises during the tax season as you may end up owing money to the IRS.
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Once again, make sure you provide accurate information on your 1099-MISC. If you are unsure of some items, always consult with your financial adviser.