What is 1099-MISC?
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.