Q. On a 1099-NEC, should you be reporting expenses in your total or just the services? I was always under the impression that you should just report services.A.(Answered by IOFM's third-party tax experts)(1) If the contractor has substantiated the expenses according to the rules of an "accountable plan" of expense reimbursem*nt, the payer may, but is not required to, deduct those amounts from the reportable amount. Accountable plan substantiation includes documenting a business purpose for…
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