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These days most of us are more aware of the need to track our income and expenditure. Bookkeeping is something that most of us will associate with businesses, but it is also something that can benefit personal money management. A good way to do this is to have a cashbook. There is something that anyone can learn to use and it can be very beneficial when it comes to managing personal finance.
As well as income earned as an employee there will also be money that we receive elsewhere that is subject to tax. The 1099-MISC form is related to this other type of income with the ‘MISC’ standing for ‘miscellaneous’. Like all other tax forms it is important to fill this one out correctly and to get advice if you are unsure about the information it should contain. Failure to declare any type of miscellaneous income could lead to problems later and so will be best avoided.
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