1099 questions

1099 questions... :-)?
I was wondering if anyone knew what kind of return ill be looking at? im gonna be 1099 this year and ive made about 10,000 Dollars I have 2 kids and plan on claiming them....

viajero_intergalactico:cool thing is you did not make that much (for tax purposes only). so you wont owe too much. now , im no tax specialist but i do know you were supposed to pay at least 90% of the tax on those 10K during the year as you earned it. ( unless you earned all of it during the last three months) with the... More...

1099 Questions?
Ive made 10k since may of 07 Till now. I am getting 1099 i am self employed. I havnt done anything quarterly.. I am claiming 2 kids and head of household. Also i have kept all reciepts I have about 1300 in Gas just for work purpose. What kind of a refund will i be looking at? Am i gonna OWE?...

RANDALL M:If this is your only income you will probably get a refund. You will eligible for earned income credit which will actuallt create a refund for you. You may want to think twice about using all your deductions as the value of the EIC fluctuates like a bell curve, peaking at about $15,000.... More...

1099 Filing Questions?
I just took on a part time second job as a subcontractor delivering newspapers. The job pays 380 a week with a gas reimbursement that varies considering what gas prices are. At the moment is $25-30 dollars a week. Do I have to pay taxes on the gas reimbursement? Also, can I file and pay taxes every quarter with a 1099? (i'd rather pay the taxes over having to worry about owing money come April). I have no idea if this second job will put me in a different tax bracket either I'm currently in th...

Judy:Assuming you're single, most of the second job would be taxed at 15% for income taxes, plus another 15.3% for self-employment tax. You'll show the income and any allowable deductions on a schedule C or C-EZ for the 1099 income. You'll be able to deduct mileage, so keep track of it. You'll show the ... More...

1099 Questions, family business?
My mom and dad own a company that I work for randomly, My dad says I did not make enough from the business to receive a 1099, Do I need to file this on my taxes and if so how / where?...

Judy:If you're filing a return for any reason, you must show that income on a schedule C or C-EZ, whether you got a 1099 or not. If you have no other reason to file, you must file form 1040 with schedule C or C-EZ if you made over $400.... More...

1099 Misc Questions and W9 Form questions?
1099 Misc Questions What is the name of your state (only U.S. law)? NJ I will be giving out alot of expensive online freelance work (>$600) and have a few questions. 1)Am i allowed to ask them for there tax id number online instead of mailing them a w9form? 2)Am i allowed to put a PO box for my address on the w9 form and put my business name as my name on it? 3)Am i allowed to put a PO box for my address on the 1099misc form and put my business name as my name?...

StephenWeinstein:1. You need more information than just their tax ID number, but you "may establish a system for" them "to submit Forms W-9 electronically" See requirements at the end of this answer. 2 and 3. Only if the business is paying them. Not if the payments are from you personally and not from the busine... More...

Questions on 1099-misc?
Hi, We own a small consulting firm. We need to issue a 1099-misc to our sales person for commission earned in 2008. Here are my questions: 1. We are planning to send 1099-misc to IRS electronically. What is the due date? 2. Our sales person lives and works in IL. Do we need to send a copy to the state of IL also? if so, can it be sent electronically to the state? and what is the due date? 3) Finally, what is the due date to send recipient's copy? Thanks. Can you please include the ad...

Gem:The IRS does NOT receive 1099's per se, they get 1096 with supporting 1099s, make sure the correct filing occurs. Your salesman needs his copy NOW, as it was legally supposed to be in the mail by Feb 2, so it is late. In most states the 1099s are never sent to the state, just W2s (usually with you... More...

Form 1099 misc questions?
I worked on 2010 as an independent contractor for 3 months doing DATA ENTRY on a warehouse close to the airport. They send me a FORM 1099 MISC reporting me income on line 7, my questions is what kind of expensive do I put?, can I deduct gasoline, miles, cell phones, car insurance? or which one? The other questions is do I fill the Schedule C or C-ez, my expenses are less than $5,000 Thanks for any answer Thanks to all of you Let me explain that on the time that I worked for that company I ...

Chas:You report on Schedule C and SE. Commuting is not deductible so you probably have no expenses that are deductible.... More...

Couple questions about 1099 taxforms?
When i donate plasma do i need add that to 1099 everytime they give me money? For other dealings how does it work? do they ask for a small amount at end of the year or what should i expect? i know its for small business type deal but i wanna do work from home thing and work for a job how can i coordinate 1040EZ and 1099 into one?...

Kim:The company will issue you a 1099-misc if your income from them is over $600 for the year. Where you report this income on your tax form will depend on which box the income is reported on. 1040EZ is for people with W-2 income only. If you have other income (whether it be self employment or just "... More...

1099 question regarding debt forgiven: I have a client who owned his house for 4 years, rented it 6 months?
ago, needs to do a short sale on it - or it may become a foreclosure. What time period is it that the IRS will say it's his personal residence for that debt forgiven legislation that just passed that says the IRS will not 1099 him if it was his personal residence?...

the tax lady:See IRS publication 4681. The debt foregiveness act uses the same definition as section 121--the safe harbor is 2 years out of the last 5 as his personal residence. Note, he may get a 1099-A or a 1099-C or both. The 1099-A is the "sale" of the house and for the year of rental, you report the sale... More...

I HAVE SOME QUESTIONS ABOUT A 1099 TAX PAPER?
i make about $11,000.00 on the side every year and this coming up tax time i want to do a 1099 can someone tell me how to get a tax number and where to buy the 1099 from. i need step by step help i am no good at this kind of stuff. thank you...

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W-2 and 1099 Form questions, please help.?
I have been looking for the answer to this question all morning. The question is displayed in my textbook and I cannot seem to find the answer! Please help: Which statement is NOT true about the differences between the income on a W-2 and that on a 1099 form? a) 1099 income is untaxed where the income on a W-2 is already taxed. b) A 1099 form is for income other than wages c) The income on a 1099 is money from interest, royalties, rents, and more. d) The 1099 income ins not reported to the IRS...

Judy:Think about it. If someone sends you either a W-2 or a 1099, the info goes to the IRS also. Reread the choices - which one is incorrect?... More...

1099 contractor questions?
I recently started working for a marketing company which involves me to do D2D sales which is pretty good money. I am considered a 1099 for the company but they do not pay anything but the uniform they gave me. on a daily basis I would drive up to 100 miles that is job related. I am in college and I have no idea what to do as far as filing taxes where the 1099 is involved, so what can I do as far as claim and taxes?...

StephenWeinstein:On Schedule C or Schedule C-EZ, you claim the use of your vehicle for business EXCLUDING commuting. (You are not allowed to claim use of your vehicle for commuting. Your profit (the amount on your 1099, minus expenses that you can claim) is subject to regular income tax, and goes on the business i... More...

Questions on 1099-MISC?
We own a small business. We are in the process of preparing for taxes. Couple of questions on 1099. 1. Do we need to issue a 1099 to a car repair shop towards repair expenses of our company car (expenses > $600)? 2. Our payroll was handled by a payroll service company. Do we need to issue a 1099 (expenses < $600)...

Anna S:1. If the repairs are paid to an individual (not a corporation) and the repairs were labor intensive (i.e., the parts were incidental to the repairs), then yes a 1099 is required, otherwise, no 2. Since the amount of the services was less than 600, then no, a 1099 is not required (yes if the total... More...

Tax questions regarding 1099 exemptions and how much to save?
I am going to be starting a sales rep position that is commssion only. I will be an independent contractor with the company and get a 1099 at the end of the year. So I had a few questions regarding it. How much should I save in case I have to owe taxes( I am married and have a son) and have always gotten a refund. What can I exempt from taxes? I know with my husbands trucking business he was able to take out meals, gas,phone, ect with our taxes. As an independent contractor sales rep what ar...

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1099 tax question New Job not sure how to keep track of everything and how to figure out what tax bracket I am
in. I just started a new job as a contract employee. My questions are 1- How do I know which tax bracket I am in 2- How do I figure out how much of my pay to put aside for next years tax time 3- Do I need to keep track of every penny in order to do this, some of my pay comes in the form of a check, but the majority of it is cash. Thanks for the help....

Cat:Keep track of all income. Keep track of all expenses. Keep track of all miles you drive that are related to the business (outside of the commute),,,note the date, where you went & reason, and the milage. Roughly 15% of your net profit comes off the top to social security tax (or "self-employment t... More...

1099-MISC related questions?
I have c-corp registered in NV and I used lot of Internet based freelancers and consultants in 2008. I read about issuing 1099-MISC to those whom I paid over $600 in a given year. In a related note, I have following questions: (a) What do I need to report if freelancer/consultant is offshore resource (India based) (b) For US based consultants, how would I generate 1099-MISC? Can I download form from IRS site and issue them to those consultants? Do I need to have a professional accountant or cert...

the tax lady:a) The consulting work that *wasn't* physically done in the US by people who aren't US Citizens or US residents is NOT reported to the IRS. However, you need to create a contract that confirms this. "Under penalties of perjury" the person did the work in India and is NOT a US citizen or US Residen... More...

Tax questions about 1099-B vs. K-1?
In 2010, I made a small amount of investment in a stock (bought and then sold in the same year). I then got two forms. First of all, my broker sent me a 1099-B form with that stock in it. Secondly, I got a separate K-1 form exclusively for that stock. My question is, which one I should file with or both? Thank you for your help. William...

Stephen:They both must be filed and reported to the IRS. The 1099-B and supplemental information from your brokerage describes your capital gains and losses from trading the stock in the MLP (master limited partnership) firm you held during 2010. The K-1 describes your share of business income, losses, dis... More...

Can you legally pay a regular employee as an independent contractor? 1099 question?
I am a regular employee that pays all of my taxes...ALL of 'em. I have a boss. He finds the jobs. He bids the jobs. He makes the calls on how to build stuff (I am a marine carpenter). He pays me, and has done so steadily for two years. I have to have liability insurance. If I get injured, I think I'm screwed...I have no personal insurance. How good of a deal is he getting by paying me as an independent contractor? And again, is this legal?...

PacificHR S:he's saving on Social Security, medicare, federal taxes, state taxes, and biggest, and most importantly, insurance, both liability, and workers comp. It's legal, if you can honestly be described as an independent contractor. to check up on this, visit the posted website I'm included, and try to d... More...

Tax questions 1099 form and more?
I was living on Maui ( HI) for the past four years . i was engaged but thank god i didn't mary her!.so i left my life packed my stuff and moved to a different place in the world. ( this was a really tough time for me and i decided the best thing to do was quit my job and move to a different continent. ( i am a dual citizen ) This month i got a 1099 tax form from last years job .i made over 38k I recently moved outside the USA and i am not thinking of comming back anytime soon due the economy an...

paradise:I think that you should file a 1040 and attach a Schedule C-defining your income that was reported to you on a 1099 and list any and all of the expenses that you incurred to make this money. Dual citizenship or not, if you leave this money unreported you will be subject to 15.3 percent self employ... More...

Child Care - Tax Questions (1099 or W2)?
I have a child care provider who works in our home (with her child and our two kids). 2008 is the first year of service - total billing around $5,000. Payments were made via checks and reimbursed through my employers FLEX SPENDING plan. (Forms were filled out including the provider's Soc Sec #, etc.). It is now the year-end - DO I NEED TO PROVIDE A 1099? Or a W2? (If it is a W2 - do I need to pay taxes on the provider's wages? If so, what, to whom and when?) Any information would be appr...

hrblockrichardk:Since she worked in your home, she is your household employee and will be issued a W-2. You will need to obtain an employer identifcation number (EIN) to issue her a W-2. You can apply and get one https://sa2.www4.irs.gov/modiein/individual/index.jsp. No withholding of income tax is needed. As th... More...

Have accounting/legal questions involving 1099 forms, are there any CPS's out there?
I am considering taking a job as a subcontractor for a logistics firm. Basically they are an express courier service similar to Fed ex or UPS, except they subcontract all their delivery personnel. My question(s) lie within the mysteries of 1099 forms and being self employed. Q1. To do a job like this properly and get all the tax benefits should you set up your own business in like an LLC, or INC, or what? Ballpark figures, since this should be a fairly inexpensive procedure, how much would som...

toimagine84:ok so I think you mean that you have to file form 1040 SE for self employment, not form 1099-MISC with the IRS. Form 1099-MISC is something the contractor (ex: FEDEX) have to give to you to show you how much they paid you that year. You don't necessarily have to incorporate. Incorporation (LLC, LLP... More...

1099 Misc questions.?
Do you send a 1099 MISC to a company listed as a 501(c) 6 non profit Do you sent one for political contributions? Thanks!...

the tax lady:You read the instructions and see if you have to. And yes, telling you to read the instructions.... More...

1099 Tax questions HELP PLEASE?
My husband is a musician. He played with a brother in the band. The establishment in which they worked would pay his brother (W-9) in his brothers name. Then his brother would write him personal check for his portion of the pay. Come to find out his brother has not filed tax returns for ten years! Now he is telling my husband that he is going to the irs and he is filing taxes for the previous years and is going to 1099 my husband for the amount past due. I filed my husband ( we was not married s...

tro:if the brother got the money for the gigs, he should have issued 1099's to each member of the band each year apparently this has not been done for a number of years, and how your husband filed before you got married is anyone's guess, does he know? and your filing single with him as a dependent woul... More...

questions about 1099 and w9?
OK my hubby owns his own business, first year! now i know he has to 10-99 his workers but do they have to fill out a w9 also? see this is how it works, he is a sub contractor (works solely for one contractor, and has two emloyees, now what?...

Bostonian In MO:He needs to get a W-9 from his subs BEFORE he pays them anything! If they refuse to provide their TIN (usually their SSN) then he MUST withhold taxes at 28% from all funds paid to them and hand that over to the IRS. He must prepare a Form 1099 for each sub that he paid $600 or more in any tax year... More...

1099-misc question. Can I sponsor a soccer team and advertise my business? Will I be able to claim as a loss?
I am an actor- not as a full profession. Just looking for ways to advertise my services and claim as a loss on my taxes....

ninasgramma:Money you give to a nonprofit soccer league, which is considered a charity by the IRS, to sponsor their activities would be a charitable donation that would go on your Schedule A. If you purchased advertising space, those costs are deductible as advertising. Sounds like you are making a charitab... More...

1099's a few questions?
ok question again with a bit more research done, a few questions in one... here goes nothing!! ok self employment taxes are from gross right? this is before you 1099 people that have actually worked under you? also what can be done about this honest opinion, eric my hubby works only for one company can not do side jobs. does not bid nor can negoiate prices, company he works for pays wc and gl, he does however take his truck to job sites and gets paid by the square foot. should he be 1099ed or ha...

cartunesenterprises:In my experience, this depends on whether he is an employee or self employed. An employee should have taxes removed from his gross pay each period. If he is an independent contractor, he needs to keep track of his income and pay taxes quarterly. He would receive a 1099 in this instance. I am no ex... More...

1099 Tax questions Do I need to pay annually or quarterly, when and how do I calculate how much I owe?
I have been employeed at my current company for almost two years. The first year, I started out as a contractor then became a full time employee, then again I went back to being a contractor. When I filed my taxes last time, I didn't owe any money. Currently, I am still a contractor, but I am wondering if I can pay annually like I would normally on a 1040 or if I have to pay quarterly? If I do have to pay quarterly, how do I find out the dates of when taxes are due and also, how much I owe? Th...

Badger Boise:Estimated taxes should be paid quarterly by or before the last day of the following months; MAR,JUN,SEP,DEC. You can get the worksheet and all the necessary info from the below IRS PUB 505.... More...

Questions about 1099?
Ok a few weeks ago I received a letter from the IRS saying I owed a $1042 for failure to file a 1099. I worked for a family as a nanny 2 years ago for a few months and our agreement was to be payed under the table (yes I know it is illegal) however they said I was to do a 1099 myself but that was never the agreement and I never received anything from the family regarding how much I made...forms...etc. Well, two years later this is popping up. I made around $5000. Is there a way to get this reduc...

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1099 a question on workers compensation and expenses?
Thanks for your answers! Do you pay interest on workers compensation (unemployment) checks? Do you have to have receipts for all of your work related expenses in order to receive a tax deduction? Thanks again!...

Judy:I'm confused by what you are asking. Worker's comp is for on the job injuries, and is totally different than unemployment comp. Unemployment comp benefits are taxable, workers comp benefits aren't. You don't pay interest on either one. You should have receipts for anything you are claiming as a ... More...

questions about 1099 and refund?
My husband works for cash and has been told he will receive a 1099 this year. No taxes are withheld from this income and it is paid to him in a personal check each week. Am I right assuming he hasn't paid any taxes at all this year, then he will have to pay for the whole years taxes when he files this? We have three children and myself that he supports with this income. Will he be able to get the tax credits for me and the kids? To reduce(or even cover) the amount owed? I am so confused on this...

Judy:Yup, you're right, he'll have to pay them all at once when he files. Yes he must still file , can claim the kids and maybe you, and be eligible for the usual credits. If he's entitled to any credits, they'll apply to the tax he owes. Whether the credits would cover what he owes or not, and still ... More...

REVISED questions about 1099 and refund?
He works for cash, pd weekly. Will receive a 1099 for aprox. 16000. I did not work. We are not married (15 yrs together), but have three children together. He fully supports us all with this income. (It's been a rough year, to say the least). There are no work related expenses we can claim. Is there ANY hope for a refund at all? Will it be possible that the tax credits for the kids will balance out what he will owe in unpaid taxes? Where is the best place to go to have this prepared? I have h...

Cathi K:The child credits will definitely outweigh the taxes he owes. What kind of work does he do that has no expenses? That is a hugh red flag to the IRS. You can be expecting an audit.... More...

Questions Regarding my 1099 TAX form?
I want to present a hypothetical situation 1. Lets say i earn 15$ an hour 2. Lets say i earn $10,000 a year (gross) 3. I do not pay for rent 4. I am a student in college 5. I am a resident of NEW YORK Approximately how much of the 10,000 Dollars would remain after Tax done by 1099 10 points for best answer? :D...

ernesthinton:$15.00 an hour for 2,080 hours = $31,200.00 Wages +$10,000.00 X 13.65% $1.365.00 = $41,200.00 Gross Income -$5,450.00 Standard Deduction ... More...

i am back with questions about 1099.?
First sorry for my english. I am back with my problem about the guy who owes me money. Last year i did another small job for him. the labor was 3000.i got paid 1500 only in cash. I am now in a dirty war whit him over the money(.by the phone.)He didnt want to give me money back.saing he nas no $$. I complained on him and his business online. He was very angry.He wants to send me 1099 for 1500.I have small business and pay tax on my own.he wants my adress and tax ID for 1099.I am scared of him. ...

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1099 Question - Mileage from a regular W-2 job to a 1099 job - deductible?
Hi, I have a regular W-2 job which I drive 50 miles to everyday and back - 100 miles all together. Recently, I have started a 1099 part-time job near my home that takes me 50 miles from my regular job to the 1099 job to get to. Can I deduct the 50 miles I drive to my 1099 job from my regular job as a tax deduction? Thanks....

Bobbie:Not the commuting expenses to you home but directly from one job site to the other job site in the same day. And then only if you are using the schedule A itemized deductions of the 1040 tax form as a part of your miscellaneous itemized deductions subject to the limited amount over 2% of your adjust... More...

1099 Contractor Tax Questions....?
Hey folks, I'm awaiting a response from my tax professionals, but figured I'd fire this off here. Alright for 2008 I was a 1099 in an overseas Independent Contractor position. I was gone for 330 Days (meeting the $87500 thingy), my 1099 lists my non-employee compensation as $185000 after a 10% completion bonus, and I have an estimated $27000 in deductions (clothing, training, things I needed to do my job). I'm single and don't have any mortgage, no dependents, I'm hardly in the US doing what I d...

123456789:Very confused by your post. While you would most likely meet all of the requirements for tax benefits, the income exclusion (87,600 for 2008) applies only to foreign earned income. Why did you get a 1099-MISC? Is the $185,000 earned considered to be foreign income? Did you pay foreign tax to a... More...

1099 question for a mortgage loan?
im selfemployed and on my 1099 is $44,137.00. do the lenders look at whats on my 1099 or whats left after my taxes and biz expenses? started doing my taxes online (late as hell) and when i put in biz expenses it showed me grossing $22k. the loan im applied for needs me to gross around $40k. if i dont write off biz expenses ill have to pay $16k in taxes. i can def afford the mortgage because ive got other unclaimed income....

PepsiLime:What the lenders will ask you for is a copy of your tax return, and being self-employed they might also want a copy of your schedule C. And what they will look at will really be your net income on the business. As far as the other unclaimed income goes, if you don't get a 1099 or anything that requi... More...

Are car repairs deductable if I am 1099 and can I deduct business expenses for only the months I am a 1099?
I have two questions. From February thru July this year I was hired on as a contract worker under 1099 payroll, and then in July I was hired as an employee. My first question is under a 1099 payroll, am I able to deduct car repairs from my taxes? Second question, are eligible business expenses deductible for the entire year or only for the months you are contractor?...

StephenWeinstein:Generally, no, car repairs are not deductible. However, if you used the car for business, then you may be able to deduct some (but not all) of the expenses for the months that you used the car for business purposes (not for the entire year, and not even the full amount of the expenses for the month... More...

Question about 1099 and amount of income earned?
Can I pay a commission employee $599 this year and not worry about sending him/her a 1099 tax form next January?...

forsythia75:Commissioned *employees* need W-2s no matter what amount you pay them. If you really meant a commissioned *independent contractor* than no. Not until you pay them non-employee compensation of $600 or more. However, since you are confusing the contractor vs. employee issue in your question - I ser... More...

1099 question regarding claiming mileage?
I worked as a 1099 contractor for the entirety of a year. Within that time i regularly had to drive to many locations throughout a tri-state area ( new england ). My office was located in charlestown, MA but i regularly had to travel to andover amongst many other locations. Can i claim the mileage from my home to andover and the other locations throughout the tri-state area? Keep in mind this is all as a 1099....

tro:it is the same as anyone using their own vehicle driving to and from work is commuting and never deductible if you drive to your work location(the location of your employer) and then drive to assigned locations, that mileage is deductible... More...

1099 form and independent contractor questions ?
my husband has been laid off for a few months and he cannot find a job.. however I found a job for him online but its as a independent contractor it doesnt pay much but hey its a job! hes currently receiving unemployment.. the job requires for him to use his social for tax puposes my question is he has to go through training in which he will not be paid for, so if he uses his social to fill out the 1099 form but is not getting paid yet should he report that to unemployment or should he wait till...

wartz:Is he going to be a real independent contractor or an employee misclassified as an independent contractor? Many unethical employers misclassify employees to avoid paying employment tax and workers compensation insurance. If the job "doesn't pay much" that is an indication that he is not really an ... More...

I have recently transitioned from a full time employee to a 1099 contracted employee. Unemployment an option?
My company has recently terminated 6 of their 9 employees. We have been give the option to be 1099 contractors. My question is, are we then eligible for unemployment benefits?...

the tax lady:The termination might count for unemployment--you'd have to talk to the unemployment people. If you begin to collect unemployment, you must report any money you make, so week's you collect money as a contractor would count against you. Keep in mind, the IRS and the labor boards frown on companies ... More...

form 1099-B TAX question: if you bought 1000 stocks on one day and sold it on different days?
like one day 700 and next week 300 shares ; then how to reflect it on 1099-B its asking for date, should u put VARIOUS or should you put the exact date, (because they all were purchased on one day)...

efflandt:It seems clear in 1099-B instructions: "Transactional/aggregate reporting. Report each transaction (other than regulated futures or foreign currency contracts) on a separate Form 1099-B. Report transactions involving regulated futures or foreign currency contracts on an aggregate basis." The dat... More...

Questions on sending a 1099 form for income tax...?
If you pay someone before the end of the year, say date the check or whatever for Dec. 30th or Dec. 31st.....but they don't cash it until maybe January 4th or 5th...... Do you still send them a 1099 form....since you actually PAID it that year....regardless of when they actually cashed it?...

Bostonian In MO:If you cut the check(s) at any time during 2007, you include the amount(s) on the 2007 Form 1099. When they actually cash the check is irrelevant.... More...

A few questions about 1099 Forms and how much I will actually be able to write-off? (Very detailed question!)
Please help! Warning: Very detailed question. Thanx in advance anyone that can help me. I live in Ohio, and I'm a sub-contracted Landscaper/construction guy. I receive a personal check weekly, drive my truck at work, hauling things and dealing with customers. I had lots of personal time off this year so I brought home about 11,000. First off how much will I owe on that? 15% would be 1650, is that right? I drove about 6,000 WORK miles of 6600 (90.09% work) on my new truck I bought in...

BigDog507:To correct what Steve said, if you use actual expenses the first year of use you must continue to use that method every year thereafter. If you use the Standard Mileage Rate the first year, then you are free to use whichever method you wish thereafter. I think I just read in some of our study materi... More...

Foreclosure and 1099 Tax Question in Florida?
I am in forclosure in Florida. My Lender has agreed to not seek a deficientct judgement in return for me not contesting the foreclosure. I may end up with a 1099. The house was purchased at 200k with 40k down. I think it will sell for around 70-95k. What would a ball park figure be for the taxes I may have to pay? Thanks!...

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IRS Form 1099-C... A few questions?
1) I know one of the exemptions for paying tax on a 1099-C is insolvency- what is insolvency and does it apply only to businesses or to personal taxes as well? 2) After the 1099-C is filed by the creditor can they continue to try to collect the debt?...

wartz:Insolvency means that your debts exceed all you assets, including ones that creditors can't seize, If you file bankruptcy, the cancellation of debt income is discharged. When the creditor cancels the debt, it is gone. If you ever have a debt collector threaten to issue a 1099C, you know they are ... More...

A few questions about the 1099 tax form I recieved from my employer...?
I am a full time college student with a part time job working for one of my professors. I received a 1099-MISC from him, but I'm not sure what to do next. I usually get W-2's from my employers, so I have never dealt with this form before. I made $2,510 (that is the number in box #7 - nonemployee compensation), so am I still going to have to pay taxes on that or is there a minimum requirement that you have to meet? If so, how do I find out what the minimum requirement is and if I did meet it, how...

r_kav:File a 1040 with Schedules C-EZ and SE.... More...

1099 Question...I am being paid on a 1099, what percentage should I put aside for the IRS to take back??
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Bostonian In MO:15.3% for Self Employment tax + a sufficient amount to cover your State and Federal income tax liability. How much you need to set aside for income tax depends upon your income. You don't just need to put it aside, you need to make quarterly payments to the IRS using Form 1040ES. If you don't m... More...

Tax Question:For a 1099 contractor in IL, are sick days a business/miscellaneous expense?
I had a few sick days in 2010 (appx 10) that prohibited me from going to work. As a 1099 contractor, I only get paid per hour when I work. My question is can I claim sick days as a business or any other type of loss. Second, can I claim public holidays as a business loss?...

Kasey C:You are mixing up expense vs. "potential loss". If you want to count potential loss, then you have to deduct from potential income as well. If you try to deduct "potential income" from "actual income", you're "double-dipping". Example? Let's say your actual income is $10000, but your expenses a... More...

2011 Tax question : unemployed then 1099 contractor and later a full time employee?
I came back to United States after a gap of 2 years in May 2010. I was Unemployed until August 30. From September 1 to October 30, I had been working as 1099 contractor for a company and earned a gross amount of $8500. After that I became a full time employee of another company. How do I file my tax return in this case? Will the unemployment period help me in reducing my taxes?...

Alvi:did you stayed since may2010 to 31-dec-2010.. in US... if you stayed continiously 183 days.. in US.. you have to submit all your income documents (W-2, 1099's) under the form 1040.. if you like to evaluate your tax.. you can send the detail on "taxinfo@globalprimetaxation.com" you will get back with... More...