Paying Independent Contractors

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ABA Tax Accounting | Small Business Accounting | St. Paul, MN Accounting Firm

What Business Owners Need to Know About TaxesSmall Business Accounting – If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business. 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; and·         You made payments to the payee of at least $600 during the year. Considering a Tax Professional? For no obligation free consultation contact us today!ABA Tax AccountingAmare Berhie, Senior Tax Accountantamare@abataxaccounting.com612-282-3200866-936-0430 Toll Freehttp://www.abataxaccounting.comwww.abatax81.blogspot.comwww.abataxaccounting.wordpress.com