Am I able to generate 1099s?
Tracking Contractor Payments for 1099 Reporting
The Hedgi app does not directly produce 1099 forms for payments made to contractors. However, Hedgi provides tools to help you track contractor expenses so you can generate accurate 1099s yourself.
Within Hedgi, you can toggle to the ‘Vendors’ tab to see the totals paid for the year. At year end, simply toggle your 1099 vendors and your totals are instantly available.
When tax season arrives, use the spending summaries from Hedgi to complete IRS Form 1099-NEC, listing nonemployee compensation. Issue a copy of the 1099-NEC to any contractor you paid $600 or more over the course of the year. For Hedgi+ managed service users, our team will automatically issue 1099s on behalf of your business.
Be sure to collect W-9 forms from your contractors to have their proper taxpayer identification numbers for reporting on the 1099s. Consult the Hedgi+ team to ensure you complete all 1099 tax filings correctly.