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TAX time - snailexpress - 02-21-2017
I'm working on my tax return and don't have 1099 from some customers.
Now have to call them for FEIN. One customer said the 1099 not required by the new regulation.
Anyone can prove it?
What to do with income from this customer?
If it same what I think.....then
How is painful punishment?
RE: TAX time - in2trux - 02-21-2017
They don't have to issue a 1099 for $600 or less. If it's more than that I would still calculate tax owed bases on your records. Hopfully in the meantime they'll get you the 1099.
They may be filing an extension, so by the time it gets to you will be long after the deadline.
You to could file an extension if they're holding you up if you owe taxes. Otherwise a good faith estimate should be good if you're expecting a refund. Penalties are minimal as long as you file on time.
RE: TAX time - Magard - 02-21-2017
Why would a 1099 hold you up. You should know how much they paid you. File on that amount. Don't wait on other people to do your work for you. They will let you down. Don't be a victim. File on your income and take every write off you can. Know we're your at financially before the end of the year. If you need more write off do some maintenance on the truck or buy some tires. The key is you gotta know we're your at and react by the end of the year. You can't wait till now too figure it out. Taxes can completely kill you if you're not playing the game right.
I've learned the hard way can you tell. I get kinda amped up over this topic.
RE: TAX time - snailexpress - 02-21-2017
(02-21-2017 )Magard Wrote: Why would a 1099 hold you up. You should know how much they paid you. File on that amount. Don't wait on other people to do your work for you. They will let you down. Don't be a victim. File on your income and take every write off you can. Know we're your at financially before the end of the year. If you need more write off do some maintenance on the truck or buy some tires. The key is you gotta know we're your at and react by the end of the year. You can't wait till now too figure it out. Taxes can completely kill you if you're not playing the game right.So in other words I can just put all my income sources together and not name everyone?
I've learned the hard way can you tell. I get kinda amped up over this topic.
I have all it done in numbers.
RE: TAX time - Magard - 02-21-2017
Yes all income in. Are you running a computer? Quick books is what I use so when I receive money I know who it came from and how much. If it's entered in right you know we're your at all year long. If your doing it by hand it's all a mystery until the end. Unless your really on top of your books. Computer helps you get every deduction also because you don't forget all the little things that add up. Balance your check book to the penny. The bank makes mistakes and they always seem to be in there favor.
RE: TAX time - Rawze - 02-22-2017
For those who have not seen it. I posted this last year...
http://rawze.com/forums/showthread.php?tid=271&pid=1699#pid1699
RE: TAX time - snailexpress - 02-22-2017
My question is not about accounting or how to keep it up.
In tax return we have to list all sources of income with correct name and EIN number.
I'm a freelancer in trucking. I have some 62 different brokers to name.
For instance
SWIFT transportation EIN 12-3456789 $3000.00
Ezwar logistics - EIN 90-8765432 $10000.00
Question is about this EIN number. In every new carrier packet they ask us to provide form W-9 to check my EIN but almost never give us their EIN.
RE: TAX time - Magard - 02-22-2017
Are we talking USA tax law. My business isn't straight trucking. I have about 4 businesses that are all sole proprietor just under one dba . I don't have all that info on every income source. My tax preparer who was a IRS tax auditor for 11 years who I have full faith in doesn't tell me I need all that. I usually have company or individual names for my billing but not eins. or social numbers.
RE: TAX time - snailexpress - 02-22-2017
(02-22-2017 )Magard Wrote: Are we talking USA tax law. My business isn't straight trucking. I have about 4 businesses that are all sole proprietor just under one dba . I don't have all that info on every income source. My tax preparer who was a IRS tax auditor for 11 years who I have full faith in doesn't tell me I need all that. I usually have company or individual names for my billing but not eins. or social numbers.The answer what I like.
Thank you.