I receive 1099 income but most of that is paid out to others for their labor. I am just an individual. Can I 1099 the other individuals for their work, or do I have to take on the full amount on my taxes. If that's the case, what would be required of me in order to have the ability to 1099 others for my 1099 income?
Yes! You can issue 1099-Misc's to individuals who perform consulting or contracting work for you.
In order to do that you have to issue them 1099-Misc and send a copy of the 1099-Misc to each individual by January 31, 2009 and you must send a Form 1098 (Annual Transmittal Letter) along with a Red Copy of the 1099-Misc sent to each individual to the IRS prior to Feb 28th, 2009.
I would also consult an Accountant to make you sure this filing is done in compliance with the IRS rules.
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