Companies/LLCs are required to file a 1099 if they paid someone more than 600 a year, "friend" can request the 1099 from the companies. If not put the amounts under 1099MISC. Form 1099-MISC, Miscellaneous Income If you do freelance work or contract labor during the year for other businesses, the IRS requires those businesses to send you Form 1099-MISC by the end of January. You should receive it shortly thereafter. You must report all business income, including cash or barter payments, regardless of whether you receive

maxpayne · Mar 8, 2021 8:59 AM

What if they were general labor/help. Such as freelance work (digital marketing for restaurants, companies that don't wanna provide anything)?

money2go · Mar 8, 2021 9:22 PM

Schedule C

anon · Mar 8, 2021 9:48 PM

im sorry. wht does that mean?

money2go · Mar 11, 2021 8:53 AM

Schedule C is where self employed enter their earnings and expenses in tax return. https://www.irs.gov/pub/irs-pd...

anon · Mar 11, 2021 10:22 PM

ty

money2go · Mar 13, 2021 2:22 AM

Schedule C को लिंक त तासिदिनु भयो त्यो भर्ने कुरा चै कसले बुझाइदेला ? मेरो बिचारमा यो वर्ष कुनै प्रोफेसनल ट्याक्स भर्ने ठाउ मा जादा बेस होला कि ? अर्को बर्सको लागि १०४० र तेस्को इन्स्ट्रक्सन डाउनलोड गरेर 2-३ पल्ट दोहोर्याएर पढ्नुस र नबुझेको कुरा साझामा टाष्नु भए अहिले सहयोग गरि रहनु भएकाले अबस्य पनि तपाइलाइ बुझाइ दिनु हुन्छ ? मैले तपाइको ट्याक्स भर्ने काम मा स्वबलम्बि हुन खोज्नु भएकाले १०४० इन्स्ट्रक्सन पढ्न सल्लाह दिएको हु अन्यथा नलिनु होला |

Logan · Mar 14, 2021 1:12 PM

That's fine, it seems your friend is a responsible person. BUT when there is an issue of money, a calculation is important before you open your mouth. Remember, on 30K, he/she has to pay State tax besides Federal Tax(IRS) as well. Lets do IRS tax: 30K, single, 2020-deduction is 12,400: estimate you will owe $1,914 Now, State tax ( ex. Maryland ) : Estimated State Income tax: $1,126 Your total tax: $ 3,040 If you don't pay full penalties and Interest...Are you ready? Now if he/she says made 22k...State tax (as MD example) $746 and IRS tax $960 , total is = $1,706  When you make cash, you are the one who is going to put the number in IRS mouth.  Last edited: 14-Mar-21 02:41 PM

Sexy In Sari · Mar 14, 2021 2:35 PM

Your "friend" better get a LLC registered. This will allow him to deduct resonable expenses before paying taxes on income. Thats the whole point of schedule C.

maxpayne · Mar 15, 2021 10:37 AM

You do not need to register LLC to deduct expenses. LLC provides you liability protection.

anon · Mar 20, 2021 12:04 AM