1099 and W-2: January forms business owners are required to file January is a mandatory reporting month for businesses. If during the year you paid people for work, there are two key things you need to understand: 1️⃣ who that person is for your business 2️⃣ which form you are required to file 🔹 Who is a contractor (1099) A contractor is someone who: • works for themselves, not for you • may have other clients • decides how and when the work is done • invoices you for services If you paid a con
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Scaled Accounting | CPA for Small Biz & Tax Strategy on Instagram: "I know it sounds like I'm asking you for alphabet soup when I let you know which forms I need to file your return, but there are some EVERY taxpayer really should know. Even if you aren't a tax accountant, know these: ✨ Form 1040: Your main tax return form! It’s where all your income, credits, and refund (or amount owed) are reported. ✨ Form W-2: From your employer, it shows your wages, taxes withheld, and benefits for the year.
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