Paying contractors: the forms you send

En palabras sencillas

Before you pay a contractor, collect a Form W-9. It gives you their legal name and taxpayer ID.

After the year ends, you may need to send them and the IRS a Form 1099-NEC. The IRS sets the threshold and the deadline each year; check the current instructions.

Keep a copy of each W-9 and 1099 with your records.