Clear Pennies
Tax education for the self-employed presented in a simple, personal, easy-to-follow format. Learn more.
Clear Pennies Intro
When visiting the Baer Tax Group, Inc.office, a face covering/mask is required.
We continue to encourage the use of our secure client portal for submission of documents and to receive your tax returns.
Our office hours are Monday to Friday from 8am to 4pm and the secure outside drop box is available for after hours drop off.
We appreciate your understanding and thank you for your business.
The IRS will begin accepting and processing 2020 tax year returns on Friday, Feb.12, 2021.
Part of completing this year's tax return is reporting the amounts of any economic stimulus payments that you received. The payments are not taxable income, but this requirement is in place to insure all eligible taxpayers received their payments.
Use the IRS link below or check with your bank, if you received direct deposit, to get the dates and amounts required to complete your tax return.
File Form 1099-NEC, Nonemployee Compensation (NEC), for each person in the course of your business to whom you have paid the following during the year:
This form replaces the 1099 MISC for Nonemployee compensation.
At least $600 in:
Services performed by someone who is not your employee (including parts and materials) (box 1)
Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish (box 1)
Payments to an attorney (box 1).
At least $10 in royalties (see the instructions for box 2) or broker payments in lieu of dividends or tax-exempt interest (see the instructions for box 8).
At least $600 in:
Rents (box 1);
Prizes and awards (box 3)
Other income payments (box 3)
Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3)
Any fishing boat proceeds (box 5)
Medical and health care payments (box 6)
Crop insurance proceeds (box 9)
Payments to an attorney (box 10) (see Payments to attorneys, later)
Section 409A deferrals (box 12)
Nonqualified deferred compensation (box 14)
Tax education for the self-employed presented in a simple, personal, easy-to-follow format. Learn more.
Clear Pennies Intro
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