Will my factoring company sent me a 1099 Tax Form

Have you not been making quarterly payments?

 

When you're 1099, you have to make quarterly tax payments throughout the year. If you wait until the end of the year to pay your taxes you'll get hit with a pretty good penalty.

 

Not if it is his first year. He said he has been going for 7 months. Next year he will have to do that or pay extra.

 

Oh, yes, you're right, he did say 7 months so he gets a pass for 2021.

 

You don't work for the factoring company they won't give you a 1099. If you are the carrier you declare to the IRS what your income is.

 

Yes. Your first 2022 quarterly payment will be due April 15th for the period of January 1st - March 31st.