07/19/2022
Business owners......If you ever pay an independent contractor for services....ALWAYS have them fill out a W-9 before you give them any money. This way in January you have the information needed to give them a 1099-NEC. And it will make your bookkeeper/tax preparer so very happy!!!
Tax Tip 2022-109, July 19, 2022 — When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or mor...