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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Producing Vendor and Contractor 1099s

For anyone to whom you pay compensation, but do not consider an employee, you need to provide a 1099 reporting that income if you paid them more than $600 during the year. These forms are informational forms and are used to report employee allowances, rental income, interest payments, and other miscellaneous payments.
You’ve probably gotten many of these during your life (even if you didn’t work as a contractor) for interest payments and dividend payments. There are actually 16 different types of 1099s, but luckily you only need to worry about a few of them. They all look basically the same, but require slightly different information. You can order the forms you need online at www.irs.gov/formspubs/index.html ...

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