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FAQ

What is the cheapest way for me to do my taxes for my 1099 MISC form?
Yes always go for cheap. The problem here is that you can find free or almostfree tax prep services. You can go to what appears to be cheap retail tax prepchains. You can buy cheap tax software. You can do all these things cheaply.Or so it appears.The problem is that your “cheap” solution may be the most expensive solutionyou will ever encounter. So you do it yourself because you have a cheapsoftware program. Guess what You just shot yourself in the foot. Unless ofcourse you know all the ins and outs of the tax law. Unless you have a goodgrasp of the relevant portions of 38.000 pages of tax gobblygoop written bylawyers for lawyers in a language that only approximates English. Unless ofcourse you kept up with the hundreds of changes that occurred during theyear including the Code Regulations Revenue Procedures and tax courtcases. Don’t bet that your 45 tax program did that. They didn’t. They can’t.If you believe that you know enough to properly complete a Schedule C with thelowest amount of tax with no formal training in tax law and without spendingat least 40 hours a year in refresh training you are deluding yourself. “Butit’s only a simple tax return.” Sure you have convinced yourself. Maybeprobably not.If you think a CPA is “too expensive” then you have just been seduced by thepower of advertising. You have succumbed to the siren call of ego empowerment.Is it arrogance Is it false confidence Gee I don’t know. What I do know isthat a good CPA can usually save a client many times their cost. It may nothappen on one return but over a series of years the advice counselplanning and technical expertise you get with a CPA or EA will pay handsomedividends. Over my 40 years of practice I have seen many self and tax prepchain prepared returns and in virtually all of the cases have found somethingthat would have saved the taxpayer lots of money. More than justified thecost.But of course these are intangibles unquantifiables. You know exactly whatthat cheap tax prep software costs so focus on that. Forget about thehundreds or thousands of dollars in extra taxes you will pay because you don’tknow the ins and outs of the law. Actually the IRS once did a study on thisand found that most taxpayers overpay their taxes. Kinda seems contrary towhat you would expect right I mean when they audit you they want moremoney. That’s correct. Oh and when you selfprepare you are on your own ifyou are challenged. No problem right If you buy into that please you needserious reality therapy. The tax system is an adversarial system. You wouldn’tface a Ninja with a water squirt pistol would youEnough said. SWSWSW. Some will some won’t so will it be. Sorry I ranted onabout this but I have faced this issue with so many people including membersof my family and it’s a sore point. I just hate to see people overpay theirtaxes deceived into thinking they got a “deal” on some cheap tax software.
What industries use the 1099-misc form?
IRS Form 1099MISC is an information return that tells the IRS and othergovernment agencies that the person named in the form has received taxablepayments during the year. It’s not specific to any particular industry.When Form 1099MISC must be filedThe basic rule is that you must file a 1099MISC whenever you pay anunincorporated independent contractor — that is an independent contractor whois a sole proprietor or member of a partnership or LLC — 600 or more in ayear for work done in the course of your trade or business.If you’re a broker who employs independent contractor agents you need to file1099s for them as well as any other contractor you paid at least 600 during2012.Remember however that a 1099MISC need be filed only when an independentcontractor’s services are performed in the course of your trade or business. Atrade or business is an activity carried on for gain or profit.You don’t have to file a 1099MISC for payments for nonbusiness relatedservices. This includes payments you make to independent contractors forpersonal or household service — for example payments to babysittersgardeners and housekeepers. Running your home is not a profitmaking activity.Example Eddy owns several homes he rents out to tenants. He is in thebusiness of renting houses. Eddy pays Linda who operates a painting businessas a sole proprietor 1750 to paint one of his rental houses. Eddy mustreport the 1750 payment to Linda on Form 1099MISC.Example Eddy pays Linda 1750 to paint his own home. He lives in this homewith his wife and family and it is not a part of his home rental business.Eddy need not report this payment on Form 1099MISC because this work was notdone in the course of his business.In addition some businessrelated payments do not have to be reported on Form1099MISC although they may be taxable to the recipient. These include payments to corporations except for incorporated lawyers payments for merchandise telephone freight storage and similar items and payments of rent to real estate agents but the real estate agent must use Form 1099MISC to report the rent paid over to the property owner.
I am on H1B and play DraftKings (which is not considered as gambling). Theyissue 1099 misc form. Does it affect my H1B?
Hey I encourage you to speak with an immigration attorney to clarify if yourDraftKings winnings are considered “passive activity.” Income derived frompassive activities are permissible under immigration law. To read more checkout IRS publication 925 which describes when income is passive.If you’re looking for a clear and fast answer on this issue and how to handleit moving forward then feel free to check out my company LawTrades. It’s alegal marketplace for entrepreneurs to turn to for ondemand service from toplawyers. Good luck in the future
If I filed 1099-MISC forms through an online service (efilemyforms.com) do Istill need to file a 1096 form?
Try 1099fire.com next year.
How do you find the EIN or the TIN number of a business in order to file1099-MISC forms?
Ian’s answer is right but tempus fugit. You can call them and ask them. Thefact that you don’t have it at the last minute says you don’t have goodprocedures you should always ask for a W9 BEFORE you pay anyone other than acorporation. It will save you a lot of grief as in rushing around at the lastminute to try and get numbers from people who will avoid you on purpose 0
Do I need to use 1099-MISC forms to report my income as an independentcontractor, or can I report solely based on my own records?
If your reported income on all of your CCEZ forms put together doesn’t addup to at least as much as what was reported to the IRS on 1099MISC the IRSwill send you a matchup letter or correct your return.If you use cashbasis accounting most independent contractors providingservices only use cashbasis accounting since it’s way simpler you reportmoney when you receive it. There’s one catch the IRS considers a check to beconstructively received by your cashbasis business when it is sent to younot on the date you receive it. Thus if a customer cuts you a check onDecember 31 2016 and you get it on January 5 2017 that income isconsidered to be constructively received in 2016. I got a matchup letter forthis once before I learned my lesson. Of course if you use accrualbasisaccounting you realize the income and pay tax on it in the accountingperiod when it’s invoiced not when it’s received.I would suggest that you to base your business tax return on your own recordsrather than on the 1099MISC forms. However you should reconcile the1099MISC forms you receive with your own records and if there are anydiscrepancies you should contact the customer who sent you the 1099MISC toresolve the discrepancy.
How do I amend tax forms? I was an independent contractor in 2016 and was paid$1875 by a company but didn't receive a 1099-MISC form. I claimed the incomein 2016 but received a 1099-MISC form in 2018, showing that they claimed theexpense in 2017.
Given just this fact pattern I would do the following 1. Do nothing for 2016 your tax return is correct. 2. If you have NOT filed 2017 then include the 1099 on your return as income and include an other expense line item that says income claimed on 2016 tax return for the same amount so they net out to 0.00 3. If you have filed the 2017 return then I would not do anything at the moment the cost doesn’t seem worth it. Just let the IRS do its thing. If your income is lower than the total 1099s they received then they will generate a notice that you can then respond to explaining the timing difference. If your income you reported was higher than the total 1099s that they received then no notice will probably be generated.
Are w-9/1099-misc forms automatically sent to the IRS by companies you workedfor?
A W9 is between you and the company — not the IRS.As for 1099’s those are information returns that payers of various types ofpayments are required to file with the IRS. What you get is a copy of what thecompany files with the IRS. Same thing with employees’ W2’s although thoseare filed with the Social Security Adminsitration — not the IRS. I wouldn’tuse the term “automatically” but if the company doesn’t file with the IRSthen there’s nothing for it to send you a copy of.So if you’ve gotten a form that means that the original of that form hasbeen or will be filed with the gov’t. The deadlines are different so youcould get your copy before the government filing is actually done but yoursis still a copy of theirs.Just one caveat From your question asking about W9 and 1099MISC itsounds as if you are an independent contractor. If however you are afictional “1099 employee” — or if you are in fact an employee who is simplymisclassified as a contractor — then you may be getting a 1099MISC with noform going to the IRS. Some employers who illegally pay employees as if theywere not employees no withholding no FICA etc. decide to go “all the way”and simply not report the pay to the IRS at all. In effect they pay “off thebooks.” They still send you a 1099 because to not do so would cause you toquestion its absence. But the 1099 doesn’t get included with your tax return —only the income does — and including income that hasn’t been reported to theIRS is not that same problem as omitting income that has been reported to theIRS
Internal Revenue Service (IRS): If I'm filing my tax returns, should I alsomail all the 1099-INT and 1099-MISC forms that each organization is sending tome along with Form 1040?
Form 1099MISC Fillable Printable IRS Template Online PDFfillerCompany representative or accountants should complete five document copiesThe first form goes to the IRS.The sample can easily be filled out and sent digitally. Those who need it onpaper can use printing using the special blank option.The second template copy is sent to the Tax Department of State.Two more copies are to be sent to the independent contractor. One of them isneeded just as a reference and the second one is issued with the Tax Return Dwhich is issued by the recipient.The last template remains in the company’s office for the sake of keepingtrack of all expenses and taxes you paid.