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Deductible expense when pay small contractor
Hello,
I understand that if I pay a contractor less than $600 a year I don't have to file 1099-NEC. But when I claim that amount as deductible expense for business, do I still need tax ID or any info from the contractor? What does IRS require for expenses less than $600 to contractors?
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March 24, 2024
10:13 AM