15 votes
Accepted

Can I use the "Other Income" section of my W4 in lieu of paying quarterly taxes on 1099-NEC income?

The IRS doesn't care which pocket you take the money out to pay them. If you have both a salaried (W2, as you say) job and a side contractor gig, you can most definitely adjust your salary withholding ...
littleadv's user avatar
  • 172k
10 votes
Accepted

why do companies do a 1099-MISC at all?

A corporation may need to prove their expenses to the IRS. One way to do this provide the IRS with information regarding their employees and vendors. The employees have Federal, state and local ...
mhoran_psprep's user avatar
10 votes

Paid under the table prior to putting me on the books- recently told me they're issuing a 1099 for all the income they paid

Unemployment fraud is a crime. If you believe that what you were doing could be seen as fraud, you may want to contact an attorney to discuss your options. To answer your follow-up question: A 1099 ...
Ben Miller's user avatar
  • 115k
8 votes

why do companies do a 1099-MISC at all?

The IRS can impose a penalty for not issuing 1099's when you are required to. This penalty can ranges from $30-$100 per form you didn't file. It can go up to $250 per form if they think you ...
JohnFx's user avatar
  • 53k
7 votes

Do I have to wait for my W-2s to fill my tax return for the previous year?

Companies like TurboTax can import data like W-2 if its available to them, but I believe entering the 1099-MISC is a manual operation. Generally you should be paying estimated tax throughout the year ...
Morrison Chang's user avatar
7 votes

Paid under the table prior to putting me on the books- recently told me they're issuing a 1099 for all the income they paid

You and your employer face multiple potential problems, some legal legal and some tax issues: You and potentially your employer may be accused of conspiring to commit unemployment fraud. States know ...
mhoran_psprep's user avatar
6 votes

I was given a 1099-misc instead of a w-2 what are my next steps?

I agree that you should have received both a 1099 and a W2 from your employer. They may be reluctant to do that because some people believe that could trigger an IRS audit. The reason is that ...
TTT's user avatar
  • 47.2k
6 votes

How do I avoid having my revenue taxed twice by the IRS?

Ideally the customer(s) wouldn't have submitted a 1099-MISC since it was paid via PayPal, and ideally when they make a mistake like this they would correct it. Unfortunately, the IRS doesn't know the ...
Hart CO's user avatar
  • 70.4k
6 votes
Accepted

Why 1099-MISC for LLC but not a corporation?

Corporations file their own tax returns and have their own, more rigorous, reporting requirements and standards so they are relatively easier to audit (Imagine 1 corporate audit vs 1,000 single-member ...
Hart CO's user avatar
  • 70.4k
6 votes
Accepted

Can I deduct travel expenses even if I received a W-2?

In order to deduct travel (and other expenses), you would have to classify this as a legitimate business. In this case, even if you did get a 1099, you would still not be able to deduct expenses ...
Pete B.'s user avatar
  • 76.3k
6 votes
Accepted

Should I have received 1099-MISC for bonus on new account opening?

It's up to the bank's policy whether they send it out if you're under the $600 threshold, but either way, you still have to report it on your taxes. Doctor of Credit has a list of which banks report ...
Cody's user avatar
  • 1,157
5 votes
Accepted

Managed rental property: income from late fees. How to report on Schedule E?

Your property management company did this incorrectly. The late fees should be included in Box 1. You should request that they provide a corrected 1099-MISC. Given that they messed that up, you should ...
Hart CO's user avatar
  • 70.4k
5 votes
Accepted

Is it necessary to pay quarterly earnings taxes in US?

From the IRS: How do I know if I have to file quarterly individual estimated tax payments? Answer: Generally, you must make estimated tax payments for the current tax year if both of the following ...
D Stanley's user avatar
  • 133k
5 votes

Does receiving a 1099-MISC require one to file a tax return even if he normally would not be required to file?

Does he need to file a tax return in this situation? Will the IRS be concerned that he did not file even if he received a 1099? No. However, if you don't file the IRS may come back asking why, or "...
littleadv's user avatar
  • 172k
5 votes
Accepted

business expenses for previous year

Unless your company uses accrual basis then you recognize income and expenses when money changes hands. And unless your company has a non-calendar fiscal year you recognize income in the year it was ...
Hart CO's user avatar
  • 70.4k
4 votes
Accepted

Made more than $600. Company does not issue 1099-MISC's. Enter income as general income?

I'm not sure how this gets entered in TurboTax, but this income from the company should be included in the Schedule C (or C-EZ) Line 1 Gross Receipts total, along with all of your 1099-MISC income ...
Ben Miller's user avatar
  • 115k
4 votes

Do I have to wait for my W-2s to fill my tax return for the previous year?

Do I need to wait for my W-2 or do companies like Turbotax etc. auto import that stuff? The tax software can import directly some W-2 data. It depends on what company you work for, and what payroll ...
mhoran_psprep's user avatar
4 votes

Can I deduct travel expenses even if I received a W-2?

Did you fill out a W-4 (employee) for the venue, or a W-9 (contractor)? I.e. how did the venue get your SSN? It may be easiest just to change your status going forward. Inform the venue that you ...
Orange Coast- reinstate Monica's user avatar
4 votes

Filing jointly, can I pay estimated taxes on behalf of my wife's side work?

Yes. If you guys will file jointly, you guys will have a single tax liability, and any taxes paid by either of you (whether it be by tax withholding or paying estimated taxes) counts toward that tax ...
user102008's user avatar
  • 17.1k
3 votes

How is a plumber different than a landscaper as far as requiring a 1099?

The linked article starts with the line When it comes to 1099s, many business owners find themselves in a guessing game, wondering what exactly the rules and requirements are. The article is ...
JTP - Apologise to Monica's user avatar
3 votes

How to report 1099-MISC Box 7 bonus ($0 in box 3), but not an independent contractor and not self employed (payment from client of my employer)

The IRS has a question-and-answer article that seems to apply to your situation: If payment for services you provided is listed in box 7 of Form 1099-MISC, Miscellaneous Income, the payer is treating ...
Ben Miller's user avatar
  • 115k
3 votes

Does one of the US Income Tax free file services allow for no-fee 1099 entry?

The IRS Free Fillable Forms does, or at least I entered info from several 1099s in mine.
jamesqf's user avatar
  • 11.1k
3 votes

Can I deduct some of the costs for a car if I write about it on my for-profit blog?

I agree with Charles and Hart in the comments that the size of the investment does matter, especially because you have no expected return on investment. Meaning, as you have no "followers" now, it is ...
Michael Hartmann's user avatar
3 votes
Accepted

Why does IRS propose to add in 1099-MISC income I already reported on Schedule C?

The 1(a) and 1(b) separation may have been explicit on the return filed electronically. There's a lot of information being electronically filed that you would add in "statements" as attachments to ...
littleadv's user avatar
  • 172k
3 votes

Form W-9 for payments between property management companies

The master tenant wants your information using the W-9 form because they want to document for the IRS where they are sending the money. They want to be able to prove their expenses. They can't see ...
mhoran_psprep's user avatar
3 votes

Paid under the table prior to putting me on the books- recently told me they're issuing a 1099 for all the income they paid

Is there a way for a 1099 to show that I was working during unemployment benefits? The only date on a 1099 is the calendar year. If the IRS audits the company, they might see the company paying you ...
RonJohn's user avatar
  • 50.7k
3 votes
Accepted

Do I need to amend 2019 tax return?

If the 1099-MISC would be $600 or more they have to send it to you and the IRS. They have to do this so they can claim the expense on their taxes. But if it is less than $600 they are allowed to ...
mhoran_psprep's user avatar
2 votes

Dealing with Form 1099

Am I required to send form 1099 to non-US citizens who are not even residing in the US? Since they're not required to file US taxes, do I still have to send the form to them? That's tricky. You need ...
littleadv's user avatar
  • 172k
2 votes

Repairs to a house in order to rent it that were paid by the beneficiary, but is still owned by a Trust

The Trustee has allowed me to act as his "agent", continuing to pay bills, and take care of much of the administrative affairs for my mother's estate since I did all of it for years before she ...
littleadv's user avatar
  • 172k

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