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, ...
quid's user avatar
  • 49k
36 votes
Accepted

Friend accidentally Venmo'd me rent as a commercial Venmo transaction. What are the tax implications of this?

If you reversed the transaction then it would probably not generate the 1099. Even if it does, you'll need to report it on your 1040 as misc income and then back out again as reimbursement as it is, ...
littleadv's user avatar
  • 174k
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.
Ben Miller's user avatar
  • 116k
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 ...
BobbyScon's user avatar
  • 14k
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 ...
Elliot Schrock's user avatar
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 ...
reirab's user avatar
  • 825
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 ...
Ben Miller's user avatar
  • 116k
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 ...
NL - Apologize to Monica's user avatar
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 ...
R. Hamilton's user avatar
  • 3,226
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.
Hart CO's user avatar
  • 70.5k
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 ...
NL - Apologize to Monica's user avatar
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 ...
Pete Becker's user avatar
  • 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 ...
nanoman's user avatar
  • 29.7k
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 ...
Jay's user avatar
  • 22.7k
7 votes
Accepted

If an LLC sends me a 1099 but I paid some of the money back to them, do I need to also send them a 1099?

This would definitely be worth asking an accountant about. But here is my unprofessional opinion. You need to send a 1099-NEC or 1099-MISC to anyone that you pay more than $600 to over the year that ...
Ben Miller's user avatar
  • 116k
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 ...
littleadv's user avatar
  • 174k
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'...
Joe's user avatar
  • 35.8k
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: ...
Phil Sandler's user avatar
  • 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 ...
Craig W's user avatar
  • 15.9k
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
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 ...
mhoran_psprep's user avatar
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. ...
quid's user avatar
  • 49k
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 ...
Michael's user avatar
  • 10.2k
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 ...
NL - Apologize to Monica's user avatar
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 ...
Liam's user avatar
  • 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 ...
Hart CO's user avatar
  • 70.5k

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