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Deductions & credits
@Dallisaurora wrote:
Thank you. So with that low amount of payment I don't need them to fill out a W-9 and claim it in order to deduct it from my taxes? I can just pay them electronically and this will be enough?
You will be required to issue a 1099-NEC if the amount you pay is more than $600.
If you don't request a W-9 now, you could end up in hot water if your business expectations change and the person decides later to take your money and not give you the form. You can request the W-9 to have the information on file, without issuing the 1099-NEC if your payments are under $600.
‎November 16, 2020
11:14 AM
763 Views