1099s: 3 Things you Should Know

Hello. Thank you for joining me today. I’m Jeanine Hall, found of Quant Solutions, and today we’re going to discuss 1099s: 3 Things you Should Know.

We’re going to start with who we don’t file for and then move on to who we do. So the first we can quickly knock off the list is anyone whose company ends their name in Inc., Co. or LTD. These people are taxed as corporations and therefore do not need a miscellaneous 1099 filed with the IRS.

Next, we move on the third-party platforms. So, Paypal, Venmo, Payoneer. Any of these third-party (follow this link to find out why!)

platforms that you use to pay contractors or freelancers are responsible for filing their own 1099s with the contractors so you don’t have to. If you paid your contractor directly by credit card, you also are not responsible for filing the 1099. The credit card company is. So if you use your Amex, your MasterCard, your visa card to book up them points, you don’t have to file a 1099.

Now, who do we file for? We file for any LLC, LLP, sole proprietor, and ALL law firms. These people, you can file a 1099 by collecting W-9s and reaching out to me at www.quantsolutions.co and I’ll be happy to walk you through the process.

Thank you so much for joining me today and I look forward to seeing you again.