Related Documents
Form 1099-NEC: Nonemployee Compensation
Form 1099-NEC reports payments of $600 or more made to nonemployees, such as independent contractors, freelancers, and self-employed individuals for services performed. It replaced Box 7 of the former 1099-MISC for this purpose.
Form 1099-MISC: Miscellaneous Information
Form 1099-MISC reports miscellaneous payments including rents, royalties, prizes, awards, medical and health care payments, crop insurance proceeds, and payments to attorneys. Starting 2020, nonemployee compensation moved to Form 1099-NEC.
Schedule C - Profit or Loss From Business
Schedule C reports income or loss from a business operated as a sole proprietor. It covers gross receipts, cost of goods sold, and business expenses including advertising, car expenses, insurance, office expenses, and depreciation.