Posted by Genkichan on 2/12/07 5:42pm
Msg #175394

Richmond Title 1099 MISC's

Has everyone else received their 1099s from Richmond Title yet? I'm still waiting for mine.

Just curious....

Reply by Glenn Strickler on 2/12/07 5:45pm
Msg #175396

No, still waiting .....

Reply by Glenn Strickler on 2/12/07 5:45pm
Msg #175397

Also, n/m

Reply by Glenn Strickler on 2/12/07 5:47pm
Msg #175398

Re: Also,

Don't forget that you won't get one from those you did not earn at least $600 from. And even then, last year, there were a couple that did not 1099 me even though I earned more than that.

Reply by cassiewi on 2/12/07 5:52pm
Msg #175400

So how long do you wait?

We normally file by this time. I actually rescheduled my appt because I wasn't sure when I would have everything.

Reply by Genkichan on 2/12/07 6:08pm
Msg #175402

Re: So how long do you wait?

So, on your schedule C you are supposed to put the total of all your 1099s as "gross receipts or sales", and list the rest of your income below that on "other income" (or so my tax advisor tells me). If you know you're supposed to get a 1099 from someone, but you don't, then do you include that company's 1099 receipts into "gross receipts" or just list it as "other income"? I'm tempted to call it gross receipts, because that's what it is technically supposed to be...but if you don't have the 1099, and report higher gross receipts than 1099s you are submitting along with your return, I wonder what would happen...

hmmm....don't you hate these issues!?

Reply by Dorothy Oksner on 2/12/07 7:26pm
Msg #175413

Re: So how long do you wait?

You are not required to send in the 1099s with your tax return. You are required to report all income whether or not you receive the 1099. I always report more because I usually do not receive 1099s from all companies. Am I missing something here?

Reply by Blueink_CA on 2/12/07 7:38pm
Msg #175417

Re: So how long do you wait?

Since we need to report ALL income regardless of 1099's, I keep a very detailed report on revenue received for signings. I never receive all the 1099's that I should, I just give my tax guy the numbers. (Total mileage, Gross Sale Schd C, Amt to report on Schd SE, etc). I don't even think he does anything with the 1099's that I do give him, except maybe glance at them.

Reply by Glenn Strickler on 2/12/07 8:30pm
Msg #175423

Re: So how long do you wait?

I don't worry about the 1099's except to be sure that they did not enter more than what they actually paid me. I enter my income based on what I actually received according to my records for the year. I do keep my 1099's in case of an audit, but I only get 1099's that cover less than 1/2 my income. So I file when I file. And I always owe a little, so I file late to keep my money as long as I can ....

Reply by Sharon Taylor on 2/12/07 10:44pm
Msg #175440

I'm still waiting for 3 1099s

Just got one today from a company that paid me $290 last year, so there are at least a few companies that file 1099s for everyone who worked for them, not just the ones they paid $600 or more too. Same thing happened last year - I got 3 or 4 1099s for less than $600.
The main thing with 1099s is they do help you compare what they say they paid you with what your records show they paid you. Usually the discrepancy is where they wrote the check in December but you received it in January, so their records show it as a 2006 payment but yours show it as a 2007 payment.

Reply by John_NorCal on 2/12/07 11:12pm
Msg #175446

If you're ready to file then do it........

as long as you keep good records you should be ok, don't depend on receiving a 1099 to report your income. I keep my records in Quickbooks and all income is entered into my gross receipts. I learned a hard lesson about bookkeeping a few years back when I forgot a 1099 for $19,000.00. Man did that one hurt the ol wallet!

Reply by cassiewi on 2/13/07 10:16am
Msg #175471

Thanks

One more question, if they report to the IRS, do they not need to send you a 1099? The reason I ask is if they report monies earned that do not match what they paid me, that can hurt. I have a program that tracks all of earnings and I calculate the notary fees separately, then put into a spreadsheet. I just want to make sure I have everything I need. Guess I'll give my tax guy a call. Thanks again!

Reply by Genkichan on 2/13/07 7:46am
Msg #175462

Re: So how long do you wait?

It's just that my tax guy adds up all my 1099s and puts that amount on one line, and all my other income from the business goes on another line just below that, called "other income". All income gets reported, but it's itemized as far as whether or not it's on a 1099, which was reported to the IRS. I think the IRS compares what they receive in 1099 reports to what you report on your own tax return. So, if I'm supposed to get a 1099 from someone, but I don't, that doesn't necessarily mean that company didn't report the earnings to the IRS.

I'm concerned about a discrepancy that may lead to an audit. It's not a small amount of money. I'll see what my tax guy says about the missing 1099 and which line to put that income on.

Reply by dickb/wi on 2/13/07 2:33pm
Msg #175520

i think that you will find.........

that it is all self employed income.....the only income that would go on other is your notarizing income [which you will have to extract from your total] and any other out side income that would not be subject to se tax......you take all of your self employed income and subtract from that your buisiness expenses and whats left is then subject [1] to se tax and then it is moved to the 1040 and subject to income tax along with the notarizing income.....simple example: 30,000 in self employed signing income minus 15,000 in business expenses=15,000 in se income minus [if you'r in wi [because our fees are so low [.50] 900=14,100 for se tax and 15,000 for income tax......i am not a tax consultant or an atty so check with the pros.....

Reply by dickb/wi on 2/13/07 11:32am
Msg #175483

cassie i sent you a prvt message........ n/m