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1099 in early 2022 is a hot topic. It's all over the news and the world is freaking out about 1099s. In this episode, we want to lay the foundation again and remind everyone, whether you're new or old, whether you've been in business for a while or are just getting started, what a 1099 is. We want to talk about what it's for, the basic requirements we all need to understand about 1099s, and when to report them.
Remember, the IRS changes the rules all the time. They send whatever letters they want, whenever they want, and for any reason they want. They have what it takes to take what you have. This includes your sanity and peace of mind, not just your money. That’s why you're supposed to always report all your income, no matter how you earned the income or who you earned the income from.
The IRS is not your boss. You shouldn’t let the IRS freak you out. At the end of the day, when those IRS notices come, it's your responsibility – it's your return, your forms, and your reporting. Tax pros and companies can help keep it all straight for you but, ultimately, you have to have a clear understanding of everything that’s happening. At the end of the day, you're going to be the one who has to stand up for it or deal with it.
In this episode, you will hear:
- The common types of 1099s
- The role of 1099s
- The need to report all your income
- When to report 1099s and why you shouldn’t miss deadlines
- The new law in 2022 related to 1099s
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