And I tell clients (and our staff, who get their info.:)The easy and consistent way to get it right is to report ALL transactions ONCE - income and expenses.List ALL payments received, including "income for work done" and "expense reimbursements" alike. REGARDLESS of whether they are on the 1099-MISC.Likewise, include ALL expenses, whether or not they were reimbursed.And then you can't go wrong. You will either tie out to the 1099s, or you'll be higher. No problem either way.Bill That makes it simple, thanks. But I am still worried about shifting 1099-reported software sales based on previous IRS experience. Several years back one of my clients changed their name. They must have submitted things twice to the IRS because I got a letter claiming I owed taxes on 1099 income I failed to report in relation to this company (so they were able to match missing income to a specific 1099). Of course I had all of my TurboTax files to show that I did indeed report that income and politely explained in my appeal that they changed business names and likely it showed up twice somehow to the IRS. Months of worry passed before they confirmed that I did not in fact owe them any money. So I might end up splitting my software sales revenue into 1099-reported and unreported.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra