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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: Re: 1099-misc questions Date: 2/4/2014 1:17 PM
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As Phil said:

Dirty little secret. Don't tell your software that you received any 1099's regarding receipts reported on Schedule C. Just put your gross receipts where they belong and move on. E-filing may or may not include the 1099 info. But I've been preparing and e-filing my returns for years this way.

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.

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