Tag: 1099k
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What to exclude transactions on 1099-MISC forms when you pay an independent contractor
The basic rule is that you must file a 1099-MISC forms when you pay an independent contractor (sole proprietor type) $600 or more in a year payments you made by cash or check. ( https://www.irs.gov/pub/irs-pdf/i1099msc.pdf ) Beginning with the 2011 tax year, the IRS requires you to exclude from Form 1099-MISC any payments you made…