With a name like NumberSquad, there really is no one better to do your numbers – call 703 865-6161 to get your 1099-NEC forms prepped and filed!
They say two things in life are inevitable: death and taxes.
But at least death only comes for you once.
Taxes, on the other hand, well... those are a life sentence!
But, it's not all doom and gloom. As unbelievable as it sounds, there are people who actually like this stuff - they do it for a living! That's why they call themselves the NumberSquad!
If you own a small business in Virginia, these guys can help you with all the various IRS forms you need to file. Yes, that includes 1099-NEC contractor forms.
Check them out at https://numbersquad.com
As you hopefully know by now, as of 2020, businesses are required by the IRS to complete the 1099-NEC form for non-employee compensation which amounts to at least $600 per tax year. This can include payments made to contractors, vendors, and freelancers - but there are some exceptions, which can make the filing process complex. Yes, it's taxes - what did you expect?
But with NumberSquad, you can ensure that all your payments are accurately reported and 1099-NEC forms are filed on time.
But what are these forms, anyway? I'll let the experts answer that!
“An IRS Form 1099 reports the income individuals earned over the course of the year,” explains a company representative. “The most common 1099 forms are issued to independent contractors, sole proprietors, freelancers, and self-employed individuals.”
Whether part-time or full-time employees, workers who are not on the payroll will require the 1099-NEC form in most cases. The deadline to issue the forms to employees and file them with the IRS is January 31 each year.
But you don't need to worry about deadlines if you have someone else who will worry about deadlines. And NumberSquad will do that for you.
The company will review all relevant bank accounts, checks, EFT, and direct deposit payments for those employees who qualify under the 1099-NEC requirements. It will collect taxpayer ID numbers - which can be an individual's social security number, a taxpayer ID number, or an employer ID number - generally, obtained from the W-9 forms.
While the 1099-NEC form will be required for most independent contractors, freelancers, vendors, and sole proprietors, NumberSquad explains that there are some exceptions you should be aware of. For example, rent payments or attorney fees which do not exceed $600 per tax year will be reported using the 1099-MISC form. (Yes, another one - how fun!) Plus, using reimbursement processors such as Justworks will also eliminate the need for 1099-NEC forms, as those will be filed by the reimbursement processing company.
That's a lot to take in! And it's a lot of work for a business owner trying to... well, run the business. So check out NumberSquad - it can also provide you with bookkeeping, tax prep, and payroll processing!
If you've ever tried doing taxes on your own, you probably found that for every tax issue, there is a solution that is straightforward, uncomplicated, and WRONG! Not with NumberSquad though! These guys get it right!
Go to https://numbersquad.com to check them out!
