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.