Business Taxes and Legal Issues

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Old 02-15-2009
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Default Do you have to report income without a 1099?
During the course of the year, I've worked for several people, some small jobs and big ones.

However, many have not sent me a 1099, granted I got paid through paypal for many jobs, but not sure what to do here.

Any advice would be helpful. Thanks
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Yes, you have to report all income, whether it's on a 1099 or not.
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Many of my clients [for no good reason at all] have never,ever sent me a 1099 but I am still responsible for reporting all of that income, regardless.
It doesn't matter how you get paid - be sure to report it and pay your SE and Federal taxes on all of it.
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Don't you have to have a W-2 or some type of document to send in?

I have 2 W-2's and some 1099, how would I handle what I've been paid by paypal with?
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Originally Posted by TammyVA View Post
Don't you have to have a W-2 or some type of document to send in?

I have 2 W-2's and some 1099, how would I handle what I've been paid by paypal with?
No, you don't have to have anything to send in.

You report income on Schedule C, which is to report profit/loss from a business.

You use Schedule SE for self-employment taxes.

I've been filing self-employed for quite some time now. I only have one contract that sends me 1099s, and that's for a company that I do about $5000 a year of work for. All my other clients don't send me 1099s for whatever reason, but I still have to report that income.

Whether we like it or not, money, especially money in bank accounts, received by PayPal, etc. is traceable, and if the IRS were to ever audit you for any reason at all, they'd want to know exactly where that money came from, and why you didn't report it, so it really is best to report it as what it is, business income.
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Okay, thanks a lot. Do you know of the best resource to use to find all the deductions I can take?

I need all the help I can get. Thanks
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
One more thing, if you have a W-2 or 1099, do you still report all that under Schedule C?

Thanks
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Originally Posted by TammyVA View Post
Okay, thanks a lot. Do you know of the best resource to use to find all the deductions I can take?

I need all the help I can get. Thanks
Yes - hire a good accountant! I got a recommendation from a friend who has owned a small business for years, so he is very familiar with small businesses. Her comment was that he was forever finding deductions she didn't know about, and the savings usually covered a good portion, if not all, of his fee.

Good luck!
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Originally Posted by TammyVA View Post
One more thing, if you have a W-2 or 1099, do you still report all that under Schedule C?

Thanks
W-2 Income is reported on line 1 of the 1040 and not on the Schedule C. For a list of business deductions download Pub 535 from www.irs.gov.
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Old 02-15-2009
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Default Re: Do you have to report income without a 1099?
Thanks, I am getting an accountant but I want to understand part of what's going on.
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