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Financial Planning / Tax Strategies
|Subject: Re: Late 1099-MISC||Date: 4/13/2013 8:18 PM|
|Author: TMFPMarti||Number: 118411 of 122112|
So, a friend of mine just received (4/11) a rather late 1099-MISC. He had already filed his taxes and has already received his refund.
The late 1099 is for $5000, but does not change his tax liability or add anything to his Social Security tax due to offsetting expenses asscociated with it.
How could that be? If your friend didn't claim all his Schedule C expenses on his original return he shouldn't be allowed loose without a responsible adult escort. Something isn't computing here. It seems pretty obvious that he keeps worthless records, but if he thinks he can get away with just making up expenses he has a rude awakening in store.
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