Webmaster tax question: How do you file income from different sponsors 1099s?

[altmman]

Say you got a 1099 from 1 sponsor, a 1099 from another, then have income from CCbill.
Do you file that all together as 1 income to your business?
Or do you list them as separate income sources?

[Harmon]

Do not, I repeat, DO NOT ask for tax advice from GFY. Hire an accountant.

That being said, I hope you have an LLC or some kind of corporate identity (S, C etc). If not? Enjoy getting ass fucked as a sole proprietorship.

Or you could just do what I do... I won't go into specifics.

[altmman]

This is the first year doing my own taxes and of course i waited until the last day. Good luck finding an account on april 14th

[Sly]

Originally Posted by altmman

This is the first year doing my own taxes and of course i waited until the last day. Good luck finding an account on april 14th

File an extension and then get an accountant.

[Barry-xlovecam]

Do I Need to File a Tax Return?

TaxACT | Free Tax Preparation Software, File Taxes Online, Free E-filing follow the questions and answers.

Today is April 14! You can hire an accountant and file an amended return in a month or two if you want. Important thing is to file a return return with or without payment due. The added penalties for not filing in time (by April 15) are very high.

[Juicy D. Links]

bukkakeeeeeeeeeeeee

[Barry-xlovecam]

Originally Posted by Sly

File an extension and then get an accountant.

You have to estimate your tax liability and make a payment with your extension.

[blackmonsters]

Originally Posted by altmman

Say you got a 1099 from 1 sponsor, a 1099 from another, then have income from CCbill.
Do you file that all together as 1 income to your business?
Or do you list them as separate income sources?

File it all together on Schedule C profit or loss from business.

[baddog]

Each sponsor is a different source; whether they gave you a 1099 or not

[Juicy D. Links]

get accountant

Extension. Then hire an accountant. Any other advice, is foolish.

[DigitalPimp]

Schedule C line 1, report all business income, whether company that paid you issued a 1099 or not.

[altmman]

Originally Posted by blackmonsters

File it all together on Schedule C profit or loss from business.

Originally Posted by DigitalPimp

Schedule C line 1, report all business income, whether company that paid you issued a 1099 or not.

thank you thats what i needed

[nm_]

get ready to get fucked

self employment tax hurts so much

[RyuLion]

Originally Posted by baddog

Each sponsor is a different source; whether they gave you a 1099 or not

Originally Posted by Juicy D. Links

get accountant

Originally Posted by sherm

Extension. Then hire an accountant. Any other advice, is foolish.

[Dead]

Originally Posted by Sly

File an extension and then get an accountant.

If you file an extension, you still need to send them some money if you feel you owe.....or they will fine and fuck you for years.....

[MiamiBoyz]

Originally Posted by nm_

get ready to get fucked

self employment tax hurts so much

Indeed, while America is supposed to (and at one time did) encourage self-employment and entrepreneurism it is actually discouraged on many levels today.

The government would rather have you working for someone else so they can more easily monitor you and your income...they monitor everything else these days right down to your email and your "private" cellphone calls.

Oh but remember the Amerikan corporate slogan "Land of the Free".

Now everyone...pledge your allegiance to the flag!

[epitome]

Originally Posted by Sly

File an extension and then get an accountant.

Originally Posted by Barry-xlovecam

You have to estimate your tax liability and make a payment with your extension.

Anyway, a 1099 is just to let you and the IRS know how much someone has paid you. They're informational.

Make sure your self-reported gross income is the same or more than whatever the 1099s add up to, or you're going to have a problem.

Also, if you have a business, you must 1099 everyone you pay more than $600 to unless you paid by credit card, or you paid a corporation. Even then, it is best just to have a W-9 on file so that you can 1099 everyone.

The IRS can hold you liable for income taxes on whatever you pay other entities if you did not report that payment via 1099.

My policy is your first payment does not go out the door until we have a W-9 for you. Even if we'll only be paying you $100 in a calendar year. Makes it all so much easier.

[Harmon]

Originally Posted by MiamiBoyz

The government would rather have you working for someone else so they can more easily monitor you and your income...they monitor everything else these days right down to your email and your "private" cellphone calls.

You do realize that when one works for somebody else, that somebody does own that company, right? You are a fucking moron.