David Wright Wright Property Solutions, LLC Massachusetts, USA 1-888-279-4595 Definition of 'Form 1099-Misc' Form 1099-Misc is a tax form that reports the year-end summary of all non-employee compensation. The 1099-Misc form covers rent, royalties, self-employment and independent contractor income, crop insurance proceeds and several other kinds of miscellaneous income. People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. However, whether these people are independent contractors or employees depends on the facts in each case. The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. The earnings of a person who is working as an independent contractor are subject to Self-Employment Tax. If you are an independent contractor, you are self-employed. To find out what your tax obligations are, visit the Self-Employed Tax Center. http://www.irs.gov/Individuals/Self-Employed You are not an independent contractor if you perform services that can be controlled by an employer (what will be done and how it will be done). This applies even if you are given freedom of action. What matters is that the employer has the legal right to control the details of how the services are performed. If an employer-employee relationship exists (regardless of what the relationship is called), you are not an independent contractor and your earnings are generally not subject to Self-Employment Tax. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes Please like us on Facebook, follow on Twitter, like this video, comment below, and subscribe to the channel. If you have any questions please comment below, and I'll try to create a video addressing your concerns. If you have any suggestions on how I could improve my videos, business, or efficiency; please comment suggestions below, and I'll try to do a video based on your suggestions. Thanks in advance. Disclaimer: The information contained on this channel is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained on this channel. Accordingly, the information on this channel is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult a professional. While I have made every attempt to ensure that the information contained on this channel has been obtained from reliable sources, Wright Property Solutions, LLC., is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on this channel is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchant-ability and fitness for a particular purpose. In no event will Wright Property Solutions, LLC., its partners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information on this channel or for any consequential, special or similar damages, even if advised of the possibility of such damages. Certain links on this channel connect to other websites maintained by third parties over whom Wright Property Solutions, LLC., has no control. Wright Property Solutions, LLC., makes no representations as to the accuracy or any other aspect of information contained in other web sites.

• published: 20 Jun 2015
• views: 2