Tax documents checklist6/3/2023 2 You’ll get multiple 1099-NECs if you work for more than one client throughout the year. Your clients are responsible for issuing you a 1099-NEC for payments over $600. Form 1099-NEC: NEC stands for nonemployee compensation-aka freelancers and independent contractors.Let’s say you’re self-employed-you own a small business or you work freelance-well, Uncle Sam wants his share of those earnings too. Self-Employment and Small Business Income Let’s look at some of the other forms that Uncle Sam may send your way in January besides your W-2: You can also usually find and download your W-2 online if your employer uses an electronic payroll system (yay technology!). And if your W-2 happens to grow legs and walk away (or your dog eats it)-don't sweat it-you can request a copy from your work. Usually, W-2s are sent directly to your mailbox by your employer-so be on the lookout. Use one that’s on your side-Ramsey SmartTax. You’ll need all this when filing your taxes.ĭon’t settle for tax software with hidden fees or agendas. You’ll also find your employer’s identification information. This is the big kahuna of tax forms! On it, you’ll find your income and how much you paid in federal, state and FICA taxes throughout the year. 1 If you’re a salaried or hourly employee, you should get a FORM W-2 from your employer around mid- to late-January. In general, the IRS considers employee compensation anytime you’re paid for personal services. We’ll discuss these sources and the forms you can expect from Uncle Sam for each of them below, but let’s start with the money you made from your main employment: For most people, taxable income will just include salaries and wages, but if you’ve got other sources of income (like royalties, tips or rent you collect), the IRS wants a cut of that too. You need to report income on your taxes-aka how much money you made last year from work or investments (and a few other things). But you’ll need some important information about your dependent(s) first. There’s a solid amount of sweet deductions and tax credits for parents to take advantage of. Listen up, parents and caregivers-this is for you.
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