In this episode, we dive deep into IRS Form 1099, the essential "information return" used to report income outside of traditional wages, salaries, and tips. We explore how this form serves as the backbone of the "1099 economy," covering payments made to independent contractors, rental property owners, and investors earning interest or dividends,.

Tune in to learn about:

• The Difference: How the 1099 differs from the W-2 and distinguishes independent workers from employees,.

• Your Obligations: Why the non-issuance of a form does not absolve a payee from reporting income, and how basis amounts in real estate transactions affect what is actually taxable.

• Filing Rules: The requirements for payers to send copies to both the IRS and the payee, usually by the end of January.  ...