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illday
03-20-2007, 11:17 AM
Most of the time I'll do a search on this site and usually find the answer to my question. This one is a little different and I'm posting this here because I know alot of you have experience receiving 1099-misc as outside contractors.

I have a full time job and my wife also has a job. I also have a solo landscape business that I do on the side (going on 5 years now) and have always done my own accounting (turbotax sched c).Most of my profit last year was reinvested into equipment last year so there isn't a big tax bill there.

Me and my wife also write music and received 3 seperate 1099-misc for royalties. One for me, one for my wife and one for the publishing company she set up. Turbo tax is having me do a seperate sched-c for all 3 1099-misc which would total 4 sched -c for our tax return(counting my landcaping). That would mean that not only do i have to pay income taxes but I would have to pay 4 seperate small business (self employment taxes).

1.Can i file all 3 1099-misc under my wife's publishing company(startup sole-prop under her name)(it would also cut myself employment tax from 4 seperate to 2 seperate taxes).
2.Can I write off equipment i bought in previous years and used to make these recordings in order to decrease my tax bill.
3.I'm afraid that the irs may see this as a hobby and not let me write off my instruments that I have purchased in previous years.

I keep everything 100% legal and it is a real pain in the a$$.

gene gls
03-20-2007, 08:39 PM
There comes a time when you reach the point of business growth that you need a registered CPA. They will know all the little tricks to keep your head above water. My guy has saved me lots of dollars over the years.

illday
03-21-2007, 04:23 PM
yea, i guess it about that time. thanks for the response

jeffscap
03-22-2007, 07:29 PM
I'm sure you can put all three 1099's in one pile ,you will probably have to file an addendum for the equipment, get yourself a good cpa thats also deductible.:)

Flow Control
03-23-2007, 02:07 AM
Can you have an employee paid with 1099 and still offer/include Health benefits since they are not technically an "hourly employee"?

jeffscap
03-23-2007, 07:29 PM
Can you have an employee paid with 1099 and still offer/include Health benefits since they are not technically an "hourly employee"?

My question to you is, Why would you want to. If your paying on a 1099 the recipient has to carry his or her own insurance anyway.:)

Flow Control
03-23-2007, 08:09 PM
Your right, guess I could just do that and add it to the 1099 at the end of the year but our HI discount only applies to employees.