#109: Tax Obligations - 1099 requirements for 2024
Join Josh and Amelie to discuss everyone’s favorite…taxes! What are your obligations in sending 1099s to someone? Did you know that there may be requirements for you to send 1099s to someone?!
Top takeaways:
- If you receive over $600 income through a third party (AdvicePay/Stripe/Paypal etc.), that third party will issue you a 1099 (though this has and will continue to change a lot).
- Double check 1099 numbers so they all line up correctly.
- If you pay someone/some company over $600 over the course of a year, you have to issue a 1099 to them UNLESS it is a corporation or if you pay by credit card (NOT debit card).
- Your deadline is January 30!!!! If you missed that…do it ASAP and be prepared to pay penalties.
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