Day: January 14, 2025

What Is IRS Backup Withholding Tax For Contractors

Overview When you have contractors that worked for your business, you need to issue a 1099 when paying them more than $600. However, as the business owner, you can be liable for their tax. Why Backup Withholding Applies When contractors do not have a taxpayer ID number, such as a Social Security Number (SSN) or […]