1099 or no 1099

Forum|Forum|2 years ago
April 3, 2024
3 replies
24 views

What are the benefits to filing a1099 opposed to no 1099 and just claiming the amount on taxes? Pros and cons seem to equal either way.

Ask the Experts - MetLife IV - April 2024

DawnC

Level 15

What do you mean? If you received a 1099, you have to report it, but you don't need a 1099 to report income. Income is either ordinary or self-employment, and both of those can be on a 1099 or on no form at all.

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taylor215Author

Level 2

Yes. I can issue the 1099 to myself, or not. I just don't see what the difference is.

DawnC

Level 15

You don't need to issue a 1099 to yourself. If you are filing a Schedule C, you enter your business expenses directly on the form. How does starting a business affect my taxes?

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