Question I've been a1099 employee for decades. The owners of the business that I send most of my business to think a K-1 would be better for me, but I use a schedule C to write off most of my business expenses. I know nothing about a K-1. Can you help enlighten me on which may be my best option?
Answer A K-1 is a document showing the share of profits or losses of a Partnership or S-Corporation.
Unless you are an actual owner of the business, you should not be getting a K-1. If you are an owner and NOT getting a K-1, then something is wrong there, too.
You cannot be a "1099 employee". You either are an employee and get a W-2 with taxes withheld or you are an independent contractor and get a 1099. Depending on the type of work you do, you may be misclassified. It sounds already like the company owners don't have much clue if they are offering you a K-1. A K-1 recipient cannot get a 1099-MISC except under specific circumstances which are rare.
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