Form 1099 (Information Returns)
A series of IRS forms used to report various types of non-employee income, including 1099-NEC for contractor payments and 1099-K for third-party payment processors.
Detailed Explanation
Common 1099 variants include: 1099-NEC (non-employee compensation, $600+ threshold), 1099-MISC (rents, royalties, prizes), 1099-INT (interest), 1099-DIV (dividends and capital gain distributions), 1099-B (broker proceeds), 1099-R (retirement distributions), 1099-K (third-party network transactions), 1099-S (real estate proceeds), and 1099-DA (digital asset transactions, beginning 2025). Recipients must report all 1099 income on the appropriate schedule, even if a 1099 was not issued.
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Schedule C (Profit or Loss from Business)
The federal tax form filed with Form 1040 to report income and expenses of a sole proprietorship or single-member LLC treated as a disregarded entity.
Self-Employment Tax
The Social Security and Medicare tax (15.3% combined) paid by self-employed taxpayers on their net earnings from self-employment.
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