56
votes
I hate the high taxes in NYC. Should I incorporate in or move to another state?
Whether or not you owe state income tax is determined by state residency rules. Say you work remotely for a company in Texas (no income tax state) but you spend all of your non-liesure time in NY, ...
- 48.9k
28
votes
Where to get "Form 1099-MISC" for year 2017? (You’d think this would be easy...)
On the IRS page that you linked, in the “Other Items You May Find Useful” section, there is a link that says:
All Form 1099-MISC Revisions
You’ll find the 2017 Form 1099-MISC there.
- 115k
19
votes
Accepted
If I earned less than $10 in interest from my bank account, do I need to report it on my taxes?
Yes, you must report it. I believe the cutoff is $0.49 or less (yes, 49 cents).
From the TurboTax site itself:
If I received less than $10 of interest from my credit union, do I
need to declare ...
- 13.8k
18
votes
I hate the high taxes in NYC. Should I incorporate in or move to another state?
First let me say, I AM NOT AN ACCOUNTANT! And you should talk to one. They're really great, and they save you a ton of money.
For instance, I'm a mobile app developer based in NYC. I was in a similar ...
- 280
13
votes
I hate the high taxes in NYC. Should I incorporate in or move to another state?
Since the current form of the question asks about moving to another state, yes, that's really probably your best option, provided that state is not something like California or Massachusetts.
States ...
- 748
13
votes
Employer forgot to file 1099 for me, when do I file my taxes?
My question is, can the company send me a Copy B of 1099-NEC at the same time they send copy A with their tax amendment so I can immediately file it before the deadline? If I do that, will it create ...
- 115k
11
votes
I hate the high taxes in NYC. Should I incorporate in or move to another state?
There are many famous people who enjoy New York City, but do not enjoy the taxes.
Many people commute to the city from Connecticut, New Jersey, or even further away. If you live in another state but ...
- 32.7k
11
votes
Accepted
Do you still have to report to the IRS if you sold no stock, and your total dividends for the year were less than $0.05?
The minimum for the company or brokerage to issue you a 1099-DIV is $10. Technically, you still ought to report the income, even if less than $10, however, the rounding down of $0.05 to $0 will also ...
- 3,176
10
votes
Accepted
Share 1099 payment with another sole proprietor
Jane should report $16,000 as income and an $8,000 expense to Sally, which will match the 1099 she will issue for Sally.
- 68.6k
8
votes
Do I have to file a correction if I receive a corrected 1099 that results in a small increase in my return?
Being audited is probably not as bad a thing as I think it is, but it's also not the first option that the IRS uses when they find a mistake.
Often when a form is missing, the IRS will send a letter ...
- 32.7k
8
votes
Client paypal-ed me in 2017 for over 10K+ for work to be done in 2018 - I just got a 1099 from paypal. Do I pay the tax on work not done yet?
If you're using cash accounting (which you are; you'd have to elect accrual, and that would come after a long discussion with your accountant) you include income when it's received and you take ...
- 5,502
8
votes
Accepted
Bonus check or 1099?
This may not be entirely up to you and your employer. The IRS has rules that classify a job as employment (W-2) or independent contract work (1099) based on facts of how the job is performed and ...
- 29.4k
7
votes
Being a 1099 for a company I part-own?
The contract he wants me to sign states I'll receive my monthly
stipend (if that is the right word) as a 1099 contractor.
The right word is guaranteed payment, which is what "salary" is called when ...
- 161k
7
votes
I hate the high taxes in NYC. Should I incorporate in or move to another state?
Some states have no STATE income tax. But you still have to pay FEDERAL income tax. New York State income tax rates range from 4% to 8.82% of your income, so eliminating that could make a significant ...
- 22k
7
votes
Accepted
What is the law/regulation which prohibits brokers from reporting basis on RSUs?
These are "noncovered" securities. The regulations require the brokers to report the price of acquisition (the "award" price), but not the price of recognition (the taxable value ...
- 161k
6
votes
How much should I be taxed for a 1099 side job?
In addition to what Brick notes - particularly, the 15.3% that goes to FICA/Medicare - if you're in the 25% bracket before your 1099 income hits, so > $75,600 this year for Married Filing Jointly, you'...
- 35.7k
6
votes
How to calculate my estimated taxes. 1099 MISC + Self Employment
There is a shortcut you can use when calculating federal estimated taxes. Some states may allow the same type of estimation, but I know at least one (my own--Illinois) that does not.
The shortcut: ...
- 3,501
6
votes
If a broker in the US does not provide Form 1099 by its due date (January 31), what penalty do they face, and can the client be compensated?
It looks like because it's a consolidated Form 1099 (including 1099-B information), they get the February 15 (February 16 this year) deadline instead of January 31 (February 1 this year). From the IRS ...
- 15.2k
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 ...
- 1,157
6
votes
Employer forgot to file 1099 for me, when do I file my taxes?
You are responsible for the taxes even if you didn't get the 1099.
The IRS requires the company to issue a 1099 if you were paid more than $600. They have to create the 1099, if they want to claim the ...
- 133k
5
votes
Accepted
How do multiple people accept payment for work, without one person being "bank"?
The issues are larger than taxes. If one of you receives the check, then breaks off 25% of it for themselves and sends three checks out to each of you that will be indicated on that person's taxes. ...
- 48.9k
5
votes
Never received 1099-INT. How should I handle this on Credit Karma's tax service?
Don't put in a bogus tax id. You can often look up the form through online banking, but if not, you can certainly ask the bank to send you a copy of the form, or you could simply ask a service rep at ...
- 32.7k
5
votes
Is it legal to not get a 1099-b until March 15?
The deadline to mail is February 15. However, if the form is being prepared by a middleman (i.e. Wells Fargo) then they have until March 15th (on page 24). Also, if you haven't received your 1099 form ...
- 10.2k
5
votes
Accepted
1099-B, box 5, how to figure out cost basis?
For every document that the IRS posts, there will be a correlating instructions page. This would be the instructions for the 1099-B, here. Furthermore, as you will be reporting this on Form 8949, as a ...
- 1,096
5
votes
Accepted
Can a company issue a 1099 at any time?
They must send it to the individual before February of the filing year. They can send them early.
If they don't intend on doing additional work with the individual they may provide a 1099 ...
- 68.6k
5
votes
If I had option to choose between 1099 and W2 for my job, which should I choose?
The important thing to realize is that as 1099 worker you are not really an employee. Instead, you are self-employed with your own business, and your "employer" is really your customer. There are ...
- 115k
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