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Video instructions and help with filling out and completing 1099 MISC 2024 vs. Form 1099-misc

Instructions and Help about 1099 MISC 2024 vs. Form 1099-misc

In this video, we want to do a quick reminder for you as a business owner. If you need to issue any 1099s, the 1099 NEC is due January 31st, so that's coming up really quick. If you pay rent to someone for your business, then that 1099 Miscellaneous is actually not due until February 28th, so you get a little bit extra time with that one. So, you really need to focus on the NEC. So, tell me, just second, you said to me NEC for labor, and then you went to rent. I think that's miscellaneous. So, the real focus in January is the 1099 NEC. So, tell me why and what changed last year. The 1099 NEC is for your contract labor. Okay, in the past, those were all reported on your rent. And your contract labor was reported on 110.99, which was a 1099 Miscellaneous. Well, as of last year, that has all changed. They've broken it out into two different 1099s. Because actually, your deadlines have always been the same. If you had labor, they were due January 31st. If you were issuing for rent, it's always been due February 28th. So, instead of having it on one form, where it was really confusing on when to file them, they've split them out now. So, that reminder is that number one, if I've got contract labor of any time, if I've got casual labor, so I've got to watch it. Contract labor, casual labor, if I just paid somebody in business in labor, it could be to overhaul an engine, it could be to mow my lawn out in front of the building, it could be a subcontractor. So, these terminologies, all these, as long as it's first sweat, I call it, as long as it's for...