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Anonymous
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Do I need an 1099 as a business owner. I currently do not have employees who need a w9 yet

 
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Level 15

Do I need an 1099 as a business owner. I currently do not have employees who need a w9 yet

employees have nothing to do with a w-9 or the 1099, employees are on payroll and use a w-4 and receive a w-2 at year end

 

the w-9 is used by other businesses to get you the tax reporting information you need when doing business with them.

 

1099 is prepared for those you as a business owner/operator pay more than 600  year in cash or check.

 

or if someone pays your business more than 600 in cash or check for the year, you might receive a 1099 showing that

 

 

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Level 15

Do I need an 1099 as a business owner. I currently do not have employees who need a w9 yet

The threshold is "$600 or more" and not "over $600."

 

You would provide a W9 to other businesses that pay you, for instance, since you are working independently as running your own business and are not their employee on their payroll. You ask others for a W9 before you pay them for Services, when they are running their own business and contracting with you.

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