1099?

Discussion in 'Business Operations' started by grass disaster, Feb 11, 2011.

  1. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,582

    i'm not sure i understand the 1099 system.

    what am i suposed to do with them? do i just make sure that i include that $ in my gross.

    or do i have to give them each slip to the accountant so he can enter them back to the govt system?
     
  2. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Posts: 8,867

    These are 1099's you are getting from your commercial accts, right?

    I use TurboTax - and you simply enter them where prompted for, THEN subtract the total 1099 amount from your gross, and enter the remainder gross revenue where prompted. Pretty darn easy. May want to reconcile them with your records to make sure the customers didn't goof.
     
  3. starry night

    starry night LawnSite Silver Member
    Posts: 2,605

    The copy sent to you is YOUR copy. It is just a notice that the issuer of the 1099 has sent a copy to the IRS. I always give the ones I receive to my accountant just for his information. But you don't send your copy to the IRS.
     
  4. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,582

    yeah commercial.

    i never gave them to the tax guy tho. i just have that included in my gross #.

    should my accountant be entering these then subtracting them?
     
  5. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    it's the same as a w2 formyou would recive from an employeer, just do your taxes based on what they claim they paid you,

    DOUBLE CHECK IT, I have found several that were wrong, you may find yourself paying too much in taxes
     
  6. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,582

    so if your records say abc paid you $1000 and they sent you a 1099 saying they paid you $500. you only claim the $500
     
  7. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,582

    bump ------
     
  8. grass disaster

    grass disaster LawnSite Silver Member
    Posts: 2,582

    i'm still wondering about this question?
     
  9. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,596

    Yes, that's exactly what you do. Your total "gross" goes on Part 1, line 1 of schedule C, assuming your a sole proprietorship or LLC.
     
  10. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,596

    No. You're responsible for reporting all income received.
     

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