Dispelling Tax Myths

Today TaxMama hears from Brian in Connecticut, who says.
buy uk finasteride online www.mabvi.org/wp-content/languages/new/uk/finasteride.html no prescription

“I did some work for a guy in 2007.
https://www.cinewebradio.com/wp-content/languages/new/custom-writing-services.html

He paid me with business checks totaling $6,100.00 with no deductions. He refuses to give me a 1099. What should I do?”

Dear Brian,

What should you do?

Simple.

Prepare your tax return – and get on with your life. You don’t need the 1099.

Don’t you know the purpose of the Form 1099-MISC?

It’s not for you. It was designed as a tattletale – to let IRS know how much you were paid, and to pressure you into reporting the correct amount of income.

It’s not a replacement for doing your own bookkeeping.
https://www.cinewebradio.com/wp-content/languages/new/resume-editing-service.html

Just because some clients or customers pay you less than $600 per year doesn’t meant you don’t have to report the income from them.

All your income is taxable. And it’s up to you to keep the books.

Myth #2. IRS audits aren’t about your expenses. They’re about ensuring you’ve reported all your income.
buy uk augmentin online www.mabvi.org/wp-content/languages/new/uk/augmentin.html no prescription

The expense verification is just gravy, giving IRS a few sure-fire expenses they know they can disallow.

So, Brian, it’s time to start treating your business like YOUR business – not as an extension of your client’s businesses.

And remember, you can find answers to all kinds of questions about tax myths and other tax issues, free.
https://www.cinewebradio.com/wp-content/languages/new/best-dissertation-service.html

Where? Where else? At TaxMama.com

[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]

File Download (0:00 min / 0 MB)

Leave a Reply