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Due to rules complexity, many business owners struggle to understand their responsibilities when it comes to issuing the 1099NEC and 1099MISC tax forms. So join Navi in this video as he delves deep into the intricacies of the 1099NEC and 1099MISC tax forms. Learn the PRO TIP Navi shares to help you avoid common pitfalls associated with issuing these 1099 forms. Stick around and watch until the very end to enhance your understanding of these tax forms and streamline your financial processes!

IRS instructions for Form 1099MISC and 1099NEC: https://www.irs.gov/pub/irspdf/i1099...
Form 1099 NEC: https://www.irs.gov/pub/irspdf/f1099...
Form 1099MISC: https://www.irs.gov/pub/irspdf/f1099...
Link to Form W9: https://www.irs.gov/pub/irspdf/fw9.pdf

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CHAPTERS
00:00 Introduction
01:48 Purpose of the 1099NEC
02:56 Purpose of the 1099MISC
04:23 Exceptions for Not Issuing 1099NEC and 1099MISC Forms
06:53 When to issue the 1099NEC Form
07:39 Steps on how to know if the individual/business is taxed as S or C Corp or not
09:47 Pro Tip
10:12 Final Thoughts

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Disclaimer:
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.

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