Dealing with Form 1099
Am I required to send form 1099 to non-US citizens who are not even residing in the US? Since they're not required to file US taxes, do I still have to send the form to them? That's tricky. You need to get W8/W9 from them, and act accordingly. You may need to withhold 30% (or different percentage, depending on tax treaty they claim on W8). If you withhold taxes, you also need to file form 1042. I suggest you talk to a tax professional. Is it fine to expose my ITIN (taxpayer identification number) to   individuals or companies who I send the form to them. Since the form   requires me to write my TIN/EIN, what would be the risks of this and   what precautions should be taken to avoid inappropriate/illegal use? No, it is not OK. But if you pay these people directly - you don't have much choice, so deal with it. Get a good insurance for identity theft, and don't transact with people you don't trust. One alternative would be to pay through a payment processor (Paypal or credit cards) - see your next question. I send payments via PayPal and wire transfer. Should I send form   1099-MISC or 1099-K? Paypal is a corporation, so you don't need to send 1099 to Paypal. Whatever Paypal sends to others - it will issue the appropriate forms. Similarly if you use a credit card for payment. When you send money through Paypal - you don't send money directly to your business counterparts. You send money to Paypal.
"If you're ""living off the land"" and make no money, then you don't have to file.  Though you might be able to actually make money through credits and the like if you do file. If you've lost more than you've made, then you'll probably need to file since someone will have needed to report that they paid you (W-2 or 1099-MISC).  If the IRS receives a form saying that you made X and you don't file, they aren't going to just take your word for it that you lost more than you made, right?  That, and if you want a refund, you'll almost certainly need to file to get it." Careful.  I would personally need a LOT more than $5 more per hour to go from W-2 employment to 1099 employment.  It boils down to two reasons: (1) employers pay a huge amount of taxes on behalf of their employees, and (2) you would have to pay all of your own withholding up front. Your current proposal from them doesn't account for that. There are also risks that you face as a 1099.  On the first item, your employer currently pays 6.2% of your Social Security tax. You pay the other 6.2%. If you go to 1099 status, you will be self-employed as an independent contractor and have to pay the full 12.4% out of your increased 1099 wages.  On the second item, your employer also does your withholding out of your paychecks based on what you tell them on a form W-4. If you're disciplined enough to pay this out yourself in estimated taxes every time you get a paycheck, great. Many people aren't and just see a much bigger paycheck with no taxes out of it, and end up with a large tax bill at the end of the year.  Overall, there are some other considerations like healthcare and other benefits. These will not be available to you as a 1099 employee. You can also be terminated spontaneously, unless you have a specific contract length with the company.  As I see it, not including any benefits you would receive, you're looking at LESS money in your pocket at $50/hr as a contractor than at your $48/hr. Your pay net social security deductions is: $48 x 40 hrs x 52 weeks = 99,840 * .938 = 93,649.92. As a 1099 @ $50/hr you would net $50 x 40 hrs x 52 weeks = 104,000 * .876 = 91,104.  Then there are the rest of taxes, etc to figure out your real take-home pay.  I'm not a tax advisor, but I would be very careful to get the whole picture figured out before jumping. I would ask for a lot more with the added risk you would take as an independent, too. Don't panic this happens all the time. I looked online for a form that can be used to redeposit funds back into the HSA. This form can be used to redeposit funds withdrawn in error and cannot   be used to correct an Excess Contribution Return. Funds will be posted   as a correction and not as a contribution. The deposit will be entered   for the year the distribution occurred. It allows you to specify the year the incorrect distribution occurred. I authorize Optum Bank to make the withdrawal correction indicated   above. I have enclosed a check made payable to Optum Bank for the   amount I’d like redeposited to my account. I understand that this can   result in a possible corrected 1099-SA for the tax year indicated   above. Of course you need to get the forms for your account. It makes no difference for tax purposes. If you are 1099, you will pay the same amount of taxes as if you formed a corporation and then paid yourself (essentially you are doing this as a 1099 contractor, just not formally). Legally, I don't know the answer.  I would assume you have some legal protections by forming an LLC but practically I think this won't make any difference if you get sued. Why not just leave it as is and register as foreign entity in New Mexico? You won't avoid the gross receipts tax, but other than that - everything stays as is. Unless Illinois has some taxes that you would otherwise not pay - just leave it there. I would at least encrypt the part of the drive you keep forms like that, but not to protect myself from the odd villain who works for the IRS.   Your broker does report your capital gains to the IRS, whether in sales or dividends.   I received a bill last month from the IRS for dividends I forgot to report on my 2013 return. The bill contained a partial duplicate of my 1099-DIV form from the brokerage, and included account numbers and SSN. Therefore it's safe to say IRS employees don't need to hack your laptop in order to get that info. :) As for minimum information, it depends on your broker. Call them and ask; they'll tell you everything you need to know.  Vanguard, for example, has some security questions, among other things. I don't believe you can do that. From the IRS: Finally, certain types of property are specifically excluded from Section 1031 treatment. Section 1031 does not apply to exchanges of: I highlighted the relevant items for emphasis. "It says that you are exempt ""as long as such interest income is not effectively connected with a United States trade or business"". So the interest is from money earned from doing business with/through AirBnb, a US company. So you will have to report it. Even if your bank doesn't send you a 1099-INT, you have to report it, unless it is under $0.49 because the IRS allows rounding."