Newsletter Tax Time

[amadman]

About 1099... Do sponsors and processors send them out if you make enough money with them?

Maybe it is because I do not make much and what I do make is so spread out between diffent sponsors but I never seem to get any tax forms. I just keep all of my check stubs.

[Greenguy]

US Based companies are supposed to send out 1099's to anyone in the US that earned over $600 for the year & they are supposed to be mailed by Jan 31st.

Some companies send them out to non-US webmasters, which my accountant told me is incorrect (you just report that outgoing money in another area of the tax form)

Sponsors are supposed to send them & processors are not - technically, the processor is just sending money out on the sponsors behalf.

Of course, I've never seen a 1099 from a sponsor that has the processor pay the webmasters for them - LOL

[Cleo]

Taxes Suck :(

[amadman]

Thanks GG... I have been wondering about that for some time. I will just use what I have/get I guess. :)

[soggy]

Originally posted by Cleo
Taxes Suck :(

I agree and how! I know I do not look forward again to seeing my accountant in March. Between my coffee biz and my adult biz I guess I am not writing enough stuff off or finding enough loopholes. My accountant says I am though. The last 2 years I have had to pre-pay quarterly.|banghead| Yet come April I still have to cut another check. I cant imagine what GG and some of the other bigger boys pay.

Rant over,

soggy

[Greenguy]

Originally posted by amadman
I will just use what I have/get I guess. :) I hope I didn't come across that I was recomending that you only claim what you get on 1099's.

I claim everything - whether it's from a US based company, outside the US, paid via PayPall or Epassport - by law, you are required to claim EVERYTHING regardless of an existing 1099.

If some company forgets to send out the 1099's on time or they get an extension & send them out late, you are still responsible to have that income claimed on your taxes.

It happened to me last year - I got a 1099 from one of the sponsors at the end of April (postmakred a few days before) Thankfully, I was legit on my taxes & didn't give the IRS some ammo to come back at me & ask why this extra money was not reported.

[amadman]

No GG you did not come off that way at all.

I was referring to using the check stubs I have and any 1099's that I do happen to get. :)