Posted by mike/ca on 11/30/04 7:43pm
Msg #12365

taxes

now that is coming tax season and we are all subcontractors what do you claim if some of the smaller companies or companies you haven't done alot of work for don't send you a 1099???

Reply by Orca(tax) on 11/30/04 7:51pm
Msg #12369

Just make an invoice for the amount you received and consider that your revenue, split it in NotarY Income (not taxable for SE Tax and Other Income (taxable for SE Tax)

Reply by Jennifer on 11/30/04 8:54pm
Msg #12376

You report all the income you received, whether you got a 1099 for it or not.

You can get into a lot trouble for under reporting. If caught, you could be made to pay taxes owed plus interest and penalties.

Reply by Brenda, NC on 12/1/04 2:40pm
Msg #12454

You are still responsible to claim all the income you have earned even if they do not send you a 1099. If you have any other questions just let me know.

Reply by mike/ca on 12/1/04 4:00pm
Msg #12461

just curious how would they know income if no 1099 filed. forgive when it comes to taxes well thats why i have a cpa

Reply by Mortgage Closers of San Antonio - Kenneth C Whitton Jr on 12/1/04 7:13pm
Msg #12481

A company is not required to submit a 1099 unless they have paid you more than a certain amount of fees, $400 I believe, it might be $600 though.

It is best to be honest, errored reporting, whether intentional or not, can only lead to problems later.

The IRS knows, they have their ways. If they audit a company and find that they paid you a certain amount of money, they could also audit you to make sure you reported that money...