Glamour model freelancer or independent contracter tax time fillout w-9 then form 1099

 

What’s included on a Form 1099? 

As a freelancer or independent contractor, you’ll usually first fill out a Form W-9 (Request for Taxpayer Identification Number and Certification) sent by the entity that will be paying you. The Form W-9 includes your name, address, federal tax classification, and TIN (taxpayer ID number). The entity will then use this information to generate your Form 1099 when the time comes. You should receive your Form 1099 by January 31 of the following year that you were paid.

The Form 1099 should include your name, TIN (usually your Social Security Number), the payer’s name, address, their TIN, the amount of income they paid you, and any federal or state income tax withheld. 

How do you file a Form 1099? 

After you’ve made sure the amount listed on any Form 1099 you receive is correct, you’re good to report that income when you file your tax return using paper or electronic filing procedures.

Note: When you receive a Form 1099 in the mail, a copy of it has also been sent to the IRS. It’s important to make sure the income amount printed on the form matches your own records. For example, if you know you were paid $700 by a company for freelance work, and your Form 1099-MISC says that you were paid $900, you’ll want to let the issuer know about the mistake to avoid any issues with the IRS (and you paying more taxes than necessary). The IRS says that if you can’t get a form corrected, you can attach an explanation to your tax return and report your correct income.

What do you do if you think you should have received a Form 1099 but didn’t?

The entity that paid you should send you the Form 1099, but sometimes forms get lost in the shuffle or in the mail. You can check in with the payer to make sure the Form 1099 was sent out, or you can request a duplicate if need be. If you don’t receive a Form 1099 that you’re waiting on in time to file your taxes, you can go ahead and report the income on your tax return. If you become aware of 1099 income after you file, you can also file an amended tax return, using the Form 1040X. If you still need further assistance, you can call the IRS directly. 

Something to keep in mind if you’re a 1099 worker

If you’re self employed, you may be entitled to certain deductions (for things like travel, home office expenses, health insurance premiums, or cell phone costs) that could lower the amount of taxes you owe. You can keep track of your expenses throughout the year with a service like QuickBooks (if you’re an Acorns customer, check our Found Money section for special offers on QuickBooks) or by using a spreadsheet, so that when the time comes to file your taxes, you can refer back to your records and hopefully save on what you owe. 

Acorns does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns