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1099-NEC for subcontractor
I received 1099-NEC for my contract and issued another 1099-NEC to my subcotractor. If I earned e.g. $100k for my contact and paid e.g. $10k to my subcontractor, when I enter 10k under Contract Labor, my tax goes down by ~2k. Is that all? Is there any other place/form where I can enter the amount that I paid to my subcontractor and deduct that amount from my earnings? Thanks!
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March 14, 2021
4:25 PM