LisaLouHoo
Expert Expediter
Jeff hasn't run for him since March....perhaps it will be in the mail when we get home.
Sent from my ADR6300 using EO Forums
1099 misc from lrt
- Thread starter MCGohio1985
- Start date
Jeff hasn't run for him since March....perhaps it will be in the mail when we get home.
Sent from my ADR6300 using EO Forums
Whoever suggested to put the estimated income on form 1040 line 21 Other Income you are asking for trouble,
Since you are self-employed it goes on Sch: C line 1, Income
and then you use all your expenses
If you net down below $0.00 you do not have to pay social security tax on that,
but if you end up with a Profit you will pay self-employment tax at the rate of 15.3%.
The 1099's were suppose to be sent out, but a lot of companies do not, and the IRS expects you to be honest in figuring your Settlements that you recieved from the company your leased on to.
Since you have not gotten any infomation on your income and not sure what the extimate is. do not leave it off the Return at all, try figuring it out.
What you can do is fill out Federal Form 3949, which is called a Information Referral to file a complaint against that company, after which the IRS will consider investigation of them.
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: http://prep.1040.com/frankstax
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.
Since you are self-employed it goes on Sch: C line 1, Income
and then you use all your expenses
If you net down below $0.00 you do not have to pay social security tax on that,
but if you end up with a Profit you will pay self-employment tax at the rate of 15.3%.
The 1099's were suppose to be sent out, but a lot of companies do not, and the IRS expects you to be honest in figuring your Settlements that you recieved from the company your leased on to.
Since you have not gotten any infomation on your income and not sure what the extimate is. do not leave it off the Return at all, try figuring it out.
What you can do is fill out Federal Form 3949, which is called a Information Referral to file a complaint against that company, after which the IRS will consider investigation of them.
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: http://prep.1040.com/frankstax
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.
LisaLouHoo
Expert Expediter
Um...no. He had to turn over his pay receipts to his CPA as proof.
Sent from my ADR6300 using EO Forums
iF YOU FILE YOUR RETURN BY MAIL, YOU MUST SEND IN ALL YOUR INCOME PAPERS, w-2'S 1099'S
BUT YOU CAN ALSO SHOW INCOME ON LINE 1 OF YOUR sCH C WITHOUT THE 1099, IT IS THE TOTAL INCOME THAT IS ON YOUR SETTLEMENTS IF YOU RECIEVED THEM OR BY ESTIMATING WHAT WAS DEPOSITED PLUS ANY DEDUCTIONS THAT WERE TAKEN OUT WEEKLY, OR HOWEVER YOU GOT PAID.
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: http://prep.1040.com/frankstax
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax related matters addressed herein.
BUT YOU CAN ALSO SHOW INCOME ON LINE 1 OF YOUR sCH C WITHOUT THE 1099, IT IS THE TOTAL INCOME THAT IS ON YOUR SETTLEMENTS IF YOU RECIEVED THEM OR BY ESTIMATING WHAT WAS DEPOSITED PLUS ANY DEDUCTIONS THAT WERE TAKEN OUT WEEKLY, OR HOWEVER YOU GOT PAID.
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: http://prep.1040.com/frankstax
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax related matters addressed herein.