Tag Archives: 1099

Sloppy 1099ing

Today TaxMama® hears from Gary in the TaxQuips Forum who has this problem. Let me paraphrase:  “Gary has already filed his LLC’s tax return, reporting all his income properly. Suddenly, nearly three weeks past the 1099 deadline, he gets a 1099 showing income he received, plus reimbursements for materials and supplies – that were not […]

Taxes Affecting Credit Score

Today TaxMama hears from Monte in the TaxQuips Forum who asked one last question. “Will my unfiled tax return and tax debt affect my credit?”  

Antique Coins

Today TaxMama hears from Dallas in the Tax Quips Forum, with a disturbing question. “My mother has been collecting antique gold coins for years now. She got a call from one of her dealers telling that at the first of the year, the tax laws for these coins will change.  They will no longer be […]

Kicking Back Commissions

Today TaxMama hears from SB in the TaxQuips Forum with a common problem. “As a real estate professional, I had to kick back some commissions to a buyer to close a sale. But I am getting the 1099-MISC for the full commission. Can I give the buyer a 1099-MISC for the commission I paid her? […]

From 1099 to W-2

Today TaxMama hears from Trisha in the TaxQuips Forum with good news. She says, “Recently I took a contract job starting out as a 1099 self-employed contractor. After 6 weeks, the company asked me to come on board permanently as a W-2 employee. I was taking out my own taxes for the first 6 weeks […]

TaxMama’s Tax Roundtable – February 2011 Session

Note: TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here?   REPLAY today’s session below – you can listen and SEE the session and forms. It will load slowly…perhaps slowly. But […]

Using the Clubhouse

Today TaxMama hears from Linda in the TaxQuips Forum with this concern.  “I have a very small business teaching classes and sometimes use a local clubhouse as a venue. Some participants pay me directly; others pay the clubhouse. The clubhouse keeps 10% for the use of the clubhouse and sends me the rest of the […]

Gardener 1099

Today TaxMama hears from Seth in the TaxQuips Forum with a sensible question. “I have a lawn guy for my house.  I pay him $90 a month for 8 months out of the year ($720 for the year).  The checks are made out to him directly.  From an IRS standpoint, am I supposed to do […]

Taxing Your Patience – Day 1 – Remembering When Office Depot Saved Tax Season!

HOW TO ENTER: Entering the contest requires the following three things: You must be a free member of TaxMama.com. Choose a username, password, enter your name and email address and register here Post your question on the “Taxing My Patience” forum You must be eligible for the competition – see rules and regulations here Press […]

Per Diems on 1099s

Today TaxMama hears from Rita in Oklahoma, with this question. “I will issue several 1099’s this year. I need to know how to categorize their ‘’per diem’’ pay. Is it broken out; or does it get lumped together in Box #7-Nonemployee compensation?”

Contractors Forgot to File

Today TaxMama hears from Ray in Ohio, who has a problem. “My son and I started working for a contractor in Feb 2006 as a sub. The 1099 was in his name and SS#. We worked on a 60-40 split. The 60 came to me, with all expenses paid out of my pocket. We have […]

North Fork CP 2000s

Today TaxMama hears from Stanley in New Jersey, with a universal problem. “Those people who had North Fork Bank accounts in 2007 received a 1099-INT showing North Fork as the payer. Capital One acquired North Fork Bank as of 3/10/2008. It appears Capital One modified their records to show they were the payer of interest […]