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Video instructions and help with filling out and completing 1099 MISC 2018
Hey everybody it's Michael Rogers the bean counter here and we'll talk to you today about how to complete a 1099 miscellaneous form as a disclaimer I am a CPA but I'm not your CPA so I don't know all the ins and outs of your particular situation I always recommend you get your own CPA or tax preparer to help you with your taxes but this is a good explanation video to kind of give you an overview of how to fill out a 1099 miscellaneous form 1096 and getting a w9 if you're needing to pay independent contractors all right first up who do I have to give a 1099 miscellaneous form to alright there's two big groups of people you're gonna have to give it to will kind of deal mostly on the people you pay over $600 or more you'll see up here that there is one if you have $10 or more royalty or broker payments in lieu of dividends or taxes if interest you have tissue that I'm not gonna speak to that I'm gonna mainly talk about what entrepreneurs and real estate investors have to pay so if you've got more than $600 that you pay in rent services paid to an independent contractor it's not a w-2 employee some other income payments and then there's several other listed top payments here that aren't asked comments such as fish or fishing boat proceeds we're mainly talk about services performed to people who are not your w-2 employees which is box 7 alright so what are the main forms you're gonna fill out when you're dealing the independent contractors first officer w9 form what this form looks like is right here and this is the information you send this out to the contractor you're getting ready to hire and you get them to fill it out and they're gonna fill out their name their address either their social security number or their employee ID number and this is going to give you the information that you're going to need at your end to file a form 1099 and give them their copy of 1099 a little tip here I always recommend you get these before you pay this the subcontractor once you pay them they're not gonna be as likely to give you on these forms and the reason is subcontractors hate paying taxes and they know once you issue them a 1099 the government knows that they've been paid that amount of money and they're gonna have to record that in their income if they don't they're gonna get flagged and they're gonna end up getting audited so once they put once you've they've gotten paid they have very little interest in paint and filling out this form for you the next thing is the form 1099 miscellaneous this is a form you fill out and give a copy or get most of the copies to the independent contractor you keep the