Posted by TnNotary on 1/17/06 10:01am
Msg #88757
tax question
How long do we give the companies to send us our 1099's?
|
Reply by Jersey_Boy on 1/17/06 10:35am
Msg #88783
I am pretty sure that the 1099's have to be post-marked by 1/31/06.
|
Reply by Elizabeth Sierra on 1/17/06 11:04am
Msg #88798
Thanks.
|
Reply by SignerCA on 1/17/06 10:38am
Msg #88785
but you only get 1099's if you did $600+ of work, right?
|
Reply by PAW_Fl on 1/17/06 10:46am
Msg #88789
Re: but you only get 1099's if you did $600+ of work, right?
Well, that's the concept.  However, I have received 1099's from companies that I've done less than $600 worth and didn't receive them from a couple that I did over $600. But, the IRS really doesn't care. They want to know how much you made. Period. You need to keep clear and concise records of all your income, whether or not it is reported on a 1099.
|
Reply by cyndi_ca on 1/17/06 11:18am
Msg #88804
Re: but you only get 1099's if you did $600+ of work, right?
Thanks PAW for info. Just goes to show you never really know. The SS's aren't going to police how much we make. That's up to us.
|
Reply by Mike_NJ on 1/17/06 2:32pm
Msg #88858
If you're on top of your bookeeping, anything paid to you over $600 is reportable to the IRS. Just enter the companies name and address and the amout paid in 2005 and you don't have to wait for the 1099 form.
I'm just waiting for my wifes W2 to confirm the figures and my taxes are done.
|
Reply by SueW/Tn on 1/17/06 2:47pm
Msg #88863
"anything paid to you over $600 is reportable"
Huh? ALL income is reportable whether the SS sends a 1099 or not.
|
Reply by John_NorCal on 1/17/06 2:52pm
Msg #88867
Re: tax question > 1099s are actually due by Feb 28 nm
|
Reply by John_NorCal on 1/17/06 3:12pm
Msg #88872
Re: tax question > 1099s are actually due by Feb 28
just thought about all of you who have Jan 31st in mind, that is for W-2's to be sent out. Here's the IRS link pertaining to 1099s, 1098's etc.
http://www.irs.gov/pub/irs-pdf/i1099.pdf
|
Reply by PAW_Fl on 1/17/06 9:26pm
Msg #88998
1099s are actually due by Feb 28 :: Not quite accurate
1099's as well as W-2's are required to be delivered to the **taxpayer by January 31st**. 1099's do not need to be delivered to the IRS until February 28th.
|
Reply by PAW_Fl on 1/17/06 9:33pm
Msg #89002
From the IRS: 1099 Instructions -
When to furnish forms or statements. [to taxpayers]
Generally, you must furnish Forms 1098, 1099, and W-2G information by January 31, 2006. However, you may issue them earlier in some situations, as provided by the regulations. For example, you may furnish Form 1099-INT to the recipient on redemption of U.S. Savings Bonds at the time of redemption. Brokers and barter exchanges may furnish Form 1099-B anytime but not later than January 31, 2006.
When To File [to IRS]
File Forms 1098, 1099, or W-2G on paper or magnetic media by February 28, 2006 (March 31, 2006, if filing electronically).
|
Reply by Sherri_NWA on 1/17/06 4:07pm
Msg #88889
Re: another newbie tax question
What if you have not made $600 in this business all year due to just getting started?
~Sherri in Arkansas
|
Reply by Mike_NJ on 1/17/06 4:13pm
Msg #88890
Re: another newbie tax question
After mileage expense, setting up your notary business, insurance etc etc.. your expense will wipe out the 600 you made. So claim it.
Been in business for years and have not made a profit yet. (on the books) Plus my loss get me back almost all my wifes taxes.
|
Reply by eXpedN_TX on 1/17/06 4:41pm
Msg #88896
Re: another newbie tax question
I haven't seen anywhere on the IRS website where it says you don't have to claim under a certian amount. I think you have to claim any and all. Any one know for sure?
Also, if a SS/TC claims they paid you - even if it's just $75, and you don't claim it, you can get in trouble.
|
Reply by cmd_NH on 1/17/06 5:30pm
Msg #88906
Re: another newbie tax question
http://www.irs.gov/businesses/small/article/0,,id=99083,00.html
There's a lot of information on small business and recordkeeping on the irs website. Be sure to check out the publications on this link. They will help. All income must be reported. 1099's are sent out by the people/businesses who paid you $600 or more in the tax year (sometimes they send them out for amounts under $600). Most of the time the 1099's will not match what you have taken in for income (The total will be less than your actual income). If your books show a total income that is lower than the total of the 1099's all totalled, then you have something wrong with the bookkeeping. It is required that 1099's be postmarked no later than January 31st. Form 1098 (which is the cover form that is sent in by the payor to the IRS) is sent in with the top copy of the 1099's postmarked by February 28th.
We are independent contractors, which means we file a schedule C and pay Self Employment tax. Once these forms are completed, the figures flow through to our 1040 form. The 1099's that we receive are not sent with our returns.
Business Income - Cost of Goods = Gross Profit - Business Expenses = Net Profit.
Of course, check with your accountant with any questions. He/she will be able to help also.
|
Reply by John_NorCal on 1/17/06 8:50pm
Msg #88985
Re: 1099s are due by Feb 28th, 1098 are interest paid..
to an institution (bank, etc) Form 1096 is form used to transmit 1099s to IRS. See my link above for IRS instructions. That's how it's donein our tax practice.
|
Reply by cmd_NH on 1/18/06 5:05am
Msg #89025
Re: 1099s are due by Feb 28th, 1098 are interest paid..
You're right...It was a typ-o on my part. I meant the 1096 is the cover sheet to go with the 1099's.....sorry!
|
