Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next
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 124933  
Subject: Re: 1099-misc questions Date: 2/4/2014 11:46 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
Thanks for the helpful replies. I'm happy to answer Bill's question.

I had intended to add up my software sale invoices and report that as gross revenue. Payments to the developer would go under cost of goods as you said. But now I have to subtract any sales which got repoted on 1099 so my sales revenue gets chopped up and reported in two places.

But you don't. All your business is gross income on Schedule C, and should be subject to self-employment tax. So it all goes on Schedule C.

I appreciate your concern but I'd appreciate it if you didn't assume I was attempting tax fraud.

I didn't really assume it, I merely suspected it. When people get upset about getting a 1099 reporting taxable income, that's suspicious.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.