So You Got a 1099

Congratulations! You are now running a small business.

Don’t let the IRS discover unreported income when they process your tax return.

• The IRS will bill you for income tax and self-employment tax for the total on your 1099 if they don’t see this amount on your tax return.
• The IRS will report the omission to the state for tax collections as well.
• This kind of pain can affect your wallet, your credit, and your health.
• Let me help you make sure your tax return matches what they expect to see.
• The “sharing economy”, meaning vehicle and real estate sharing, lawncare, massage services, and so forth is a priority for the IRS collections department.

Don’t pay tax on the full amount of your side business income.

• Let me help you apply all legitimate deductions to minimize the taxable amount.
• Legitimate deductions are the proportion used for business – not the total car payment, etc.
• Let me help you set up efficient methods for tracking these deductions.
• You will need to file schedule C to report deductions and possibly Form 8829 if you run the business from home.

Don’t get a surprise (tax due) on tax day.

• Let me help you estimate taxes and spread tax deposits over the year.
• If you still want to do your own tax return, I offer CPA consulting services by phone in 15 minute increments for $25.