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started consulting,hired another person to help,i get paid and from that i paid the other, do i deduct the amount paid to the other person from my 1099? compensation?
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Yes. If you are paying another person from what you are getting paid, you will need to enter this as contract labor in the business expense section of TurboTax. You will also, if you did not already, need to issue them a 1099-NEC if you paid them more than $600. This is supposed to be done by January 31st of each year.
To get there you will select the following:
- Business income and expenses
- I'll choose what I work on
- Start or update next to Business income and Expenses
- Edit next to your business profile
- Start next to Business Expenses
- Contract Labor
How do I create W-2 and 1099 forms for my employees or contractors?
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