Besides the filing of the 1099-NEC form, you will also need to have the payee fill out and sign a Form W-9.

Here are key dates and important things to know about this year’s tax filing season.

Do you have to pay taxes on side hustles? What to know about 1099 forms and tax deductions you can qualify for.

1099-K forms If you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year.

The software automatically tracks any payments made to vendors and contractors and will generate Forms 1099-NEC and 1099-MISC. You can also e-file these forms directly with the IRS.

If you file electronically, the deadline is March 31. What Is Form 1099-NEC? Businesses use IRS Form 1099-NEC to report $600 or more in non-employee compensation (NEC).

In addition to employers giving copies of Form 1099-NEC to their freelancers and independent contractors, they need to file these forms with the IRS and their state tax authority.

Knowing when to issue which kind of 1099 form to someone you paid money to can be a mystery to small business owners, but we'll try to clear up any confusion.