Tax Question?

[maxpower]

Anyone know where I am supposed to enter income from companies that did not send a 1099-misc or anything else for that matter?

[basschick]

i decided to peek at this post because i guess i feel that people deserve help on important stuff no matter what.

our accountant has always given us two options on this:

1. if you know the income sent to you by each and every company, he declares for each company separately.

2. if you DON'T know the income of every single company that paid you, you can declare your total income easily if you deposited all the checks into your business bank account. one year we had to do this because we had been careless with our ccbill and other similar income, foolishly thinking we would get 1099's. for this to work, make sure you deposit only your business checks into that bank account. otherwise it gets harder.

best to have a tax man or accountant do your taxes if they're complex. then the next year, you can sort of copy what he/she did - or just go back to your tax person or accountant every year.

btw, one year i phoned the irs and had them read me a list of all the companies who reported our income to them. turned out the irs had 4 companies who reported paying us to them but who had not sent us the necessary paperwork. i wrote the totals and companies and our accountant did the rest.

[maxpower]

Thax bass, ya I do report all of I, hell I spend as much as I make not much taxes to pay anyway At least so far. But I was just wonder where I would add the money that was sent to me with out any paper work, should I add it to the 1099-misc category, even if I don’t have a state/payer’s state no. Or where else it should go. :coffee:

[maxpower]

BTW I am kinda hard headed so always think I can do it myself, I have never had anyone do may taxes yet anyway. I hope someday I will make enough too want to pay someone, but its really not that hard. Last year I did not get any income from this company and this year this over 20,000$

[basschick]

well, we decided to go to an expert, and that is because they know the latest stuff - deductions, etc. i was a biz ad major and used to do our taxes till we got into this biz. but since we chose to deduct everything, we went to a tax specialist. i wanted to be sure when we deducted our plugins, content and hosting that we were doing it right - plus our second year, we got checks from 42 sponsors, many in other countries and one who sent us international money orders **

[maxpower]

well, we decided to go to an expert, and that is because they know the latest stuff - deductions, etc. i was a biz ad major and used to do our taxes till we got into this biz. but since we chose to deduct everything, we went to a tax specialist. i wanted to be sure when we deducted our plugins, content and hosting that we were doing it right - plus our second year, we got checks from 42 sponsors, many in other countries and one who sent us international money orders **

God that is a mess, this year I only really got money from like 5 companies, but ya I took off for my feeds, content, bandwidth, rent, electricity, Internet service, domain registry, advertisement budget, everything but my car. Fuck it, I went ahead and add it to the 1099-Misc anyway, if they really care they can sort it out “if the IRS is lessening, don’t waist your time I am broke and have nothing to take LOL” I think I will have to pay 2,211 this year, not so bad I guess.

[chadknowslaw]

At one time I was preparing several hundred returns a year [honestly, I had staff preparing most of it] but now I pay someone else to prepare them. Keeping up with tax regulations is more trouble than it is worth if you are a business owner--good tax preparation is worth every penny and 100% deductible!!

[maxpower]

At one time I was preparing several hundred returns a year [honestly, I had staff preparing most of it] but now I pay someone else to prepare them. Keeping up with tax regulations is more trouble than it is worth if you are a business owner--good tax preparation is worth every penny and 100% deductible!!

Thax man, but I am broke as hell, and its all done anyway. Until next year, its really not that hard anyway