Managing Estimated Taxes: Gig Workers and Form 1099

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Managing Estimated Taxes: Gig Workers and Form 1099

Freelance income is reported on Form 1099-MISC, which tells the IRS that money was paid, making it important for recording both income and expenses.

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Miguel Hammond

Very good information that I did not know. Thanks.

damponting44

All of the income and all of the expenses of all of the business owners in the country should match up. Of course, forms get lost in the mail and the 1099-MISC filing requirement sometimes gets overlooked. If you have a legitimate expense that you can document, you should take it from your taxes.