10/05/2026
If you tuned into a livestream of my office right now, you'd see me doing my happy dance for a *good* tax change! π₯³
The Form 1099-NEC threshold for payments made in 2026 has INCREASED from $600 to $2,000.
Basically, if your business paid a nonemployee (like a contractor, freelancer, or other non-exempt service provider) less than $2,000 for services this year, you may not be required to issue them a 1099.
This might mean fewer tax filings you have to do next January, but what does it mean for you right now? β
Keep collecting W-9s from your contractors and tracking how much you pay to each of them!
Then, hope for at least one fewer form to file in 2027! π