Hi everyone! Thanks in advance for even reading my question. And if you have any input it would be much appreciated!

So I have already filed my taxes! Yeah! But…I just received another 1099Misc in the mail (Isn’t it way too late for that, legally?) representing about 5 in income. What to do!?

I am an actor and so receive, like many other professions, both W2s and 1099s. While doing my taxes this year I had all of my 1099s entered and I realized that that 5 was not accounted for. So I entered that income, without having received the 1099misc yet, in some field (I used Turbo Tax) called "other income" or "additional income" that applied it towards my profit from business/business income (where the other 1099misc were applied to). Then a week later I receive the 1099misc!! So annoying!

SO….I did report the income. But do I need to amend my taxes and report it under the 1099misc and take it out of the "other income" column? It will change absolutely nothing on the bottom line.

As mentioned I am an actor. I don’t make much money so I am using the Qualified Performing Artist deductions and other work related deductions. I assume that that makes me a larger target for audit and I dread that like everyone does. So I don’t want to become a larger target!

Thanks everyone!!
c.e.h.
Thanks guys for all the info…heres the thing. I DID include the income in question on my schedule C-EZ. It was added to line 1 (Gross receipts) with the totals from the 1099misc i did enter. And so it was included in the net profit on my schedule SE when determining my self employment tax. I did not add it to line 21 of my 1040.

So the question stands, knowing this. Since I did pay taxes on it, do I still need to amend my taxes putting that income with the 1099misc even though the totals/bottom line would not change?

You guys are great! Thank you!
Thanks JVTM! That would be very helpful!!

Yes we are in the same boat. Everything was claimed in the right place, just less the 1099 form itself. Anyone else have any input?

I currently live in a condo. My fiance and I are buying a new home. Our combined AGI along with my sole proprietorship business income is about 200k. We both had to pay about 2.5k this year to the feds despite my prop tax/intest deductions. Our new home will have higher prop taxes and interest than the condo.

The question I have is whether or not to keep my condo and rent it out or just sell it. My mortgage is about 1750k/mo + 0/mo association dues. I could only rent it for about 00/mo. Since our AGI is so high, I can’t write off the loss. Would it be beneficial at all to keep the condo and write off interest/prop taxes or should I just sell it?

Thanks in advance.

In 2009, I worked full-time for my current employer and received a W-2. I also received a 1099 for about ,000 that was technically a loan from the previous company; when I couldn’t repay the loan they issued the 1099. I received commissions from the previous company in 2007 and 2008 and deducted business expenses in 2007 and 2008. I did not have business expenses in 2009 because I am now otherwise employed full-time. Am I stuck reporting this as income with no deductions at all? Of course, this means that I owe taxes. Hope this makes sense and thanks in advance for any advice or ideas.

My buddy and I own an LLC (taxed as an S-Corp). Can you deduct business expenses (such as phone) and health insurance premiums AND the standard deduction?

Also, do distributions/dividends have to be distributed equally (if we each own 50%, per say) can he take 60%, and I take 40% of distributions?

Thanks in advance.

We own a house right now that we’re going to do a short sale with.. it’s worth way less than what we owe, but we have to sell it anyway.. Anywho, a friend of mine has already done a short sale recently (I mean purchased a house through a short sale) nearby. She also owns another home in another city. Now she’s thinking of buying our house, and renting it out to us. What are the implications of purchasing another home (would be her 3rd.. she’s not an investor or anything, or a flipper.. but bought them when they were really good prices). Anywho, she owns her own business, with a partner.. a travel agency. Apparently when she bought the 2nd house, that helped her out with tax deductions and such. But what about the 3rd house? I hope my question makes at least a bit of sense.. I’m asking this question for her, and I don’t completely know about this stuff.. hopefully you can kind of see where I’m going with it. ) Thanks in advance.

A friend and I are starting a business where we resell 100% soy candles by private labeling. We originally thought about working on the business from home but i heard that it may be more beneficial to work the business from some type of office for tax purposes.

I heard it was easier to claim deductions since there are some zoning restrictions for claiming a work at home business.

Our plan is to eventually expand our business (once revenue starts kicking) to a party favor, event planning type of business where our soy candles can be bought for such purposes.

I was told since my long term goal is to have a business in an office i should start off that way even if i plan to move the business to a different location once things pick up.

Can anyone shed some light on what i should do? Thanks in advance!
MODY BLUE – Thanks for your input. Well we wont be manufacturing the candles. They will be manufactured for us and we buy off them and resell it and the candles come closed so i dont think the scent would be too much of an issue.

Hi All,
I have just embarked on a sole proprietor business in Malaysia. I have a few questions which I hope some of the experts out there can help to answer:
1) What are the tax forms that I would need to fill up next year?

2) What are the type of deductions that I can use as my business expenditure? Can I use:
i) Housing loan – I’m using my current house as the business premise
ii) Car loan – I’m using my current car as my business mode of transport (to deliver the goods)
iii) Parking tickets, petrol and tolls – I incur all these costs when i deliver the goods
iv) Entertainment – Once in a while, I will have to take my clients out for dinner.
v) Any other things that’s considered as business expenditure? (Electricity, water bill)?

3) Can I also pay myself EPF (Employee portion, employer portion or both)?
Also, I currently have 2 workers that i’ve employed. How do I pay their EPF or make them pay their taxes?

Thanks in advance for your expert help.

I recently left my job to work for a different company. I signed an agreement with that new company to work as an independent contractor. They are reimbursing me for all my business expenses. This is my first time through paying (estimated) tax as an independent contractor.

I’ve been wading through IRS forms and instructions and a whole lot of jargon and have learned a lot about sole proprietorships, paying self-employment tax, etc. but don’t yet have a good understanding of what portions of what forms (e.g., 1040, Schedule A, Schedule C) I need to fill out to explain the money I’m receiving that reimburses my business expenses and what deductions I’m able to claim for these reimbursed business expenses (again, which portions of which forms).

Thanks in advance!
Ok, so on Schedule C, gross receipts are my fees plus reimbursed expenses, but then I subtract those expenses to report income on 1040.

What about deductions: do I report any reimbursed business expenses on Schedule A?

What form do I use to file for all my itemized deductions (time, travel, planning, catering, budgeting, meetings with clients for menus, etc…..) I’m pretty lost……Any help would be great, I posted this earlier, and I got some info on Owning a Business…….I don’t own a business…..Do I use a 1040 long form or is there another one?? I was told Schedule C and Schedule SE were used, but those are for business owners, which I"M NOT…….Any help would be great…..And I know it’s the last minute, but I’m also filing an extension…….Thanks in advance……
I’m a private chef for 3 families here in Encinitas…….I was 1099′d by ALL of them, I didn’t know that I was going to be, I thought I was going to be able to fill out a 1040 form. I may be a culinary genuis, but when it comes to taxes, I’m a complete moron, obviously…….

I use largely my own teacher’s materials, with his expressed permission, in teaching guitar lessons myself. And of course, being in lessons as a student makes me a better teacher. I’m just not certain if this situation meets the IRS’ definition of an "ordinary and necessary" business expense. Also, if this is a viable deduction, I need to know exactly where I need to annotate it on Schedule C – "Legal and Professional Services" perhaps? Thanks in advance.

– Chris