Tax tip for 1099 payment

 IRS considers any 1099 payment as taxable income, you are required to report your 1099 payment on your tax return. For example, if you earned less than $600 as an independent contractor, the payer does not have to send you a 1099-MISC, but you still have to report the amount as self-employment income. if you earned more than $ 600 as a contractor, it needs to be filed under 1099 Misc by end of the year.