Tax Question W-9 Forms
 

I'm going to do my taxes tomorrow. Seems like there's alot of W-9 forms missing from sponsors. The amount of money I made for the year and the total amount from W-9s I have received is two totally different figures.

None of my affiliates with CCBILL, IBILL or Epoch send me W-9s and the CC processors themselves do not send me anything showing how much they paid out either.

How do you handle this?

I thought this was a reason they ask for my SSN number

let me know
thank you
Anthony

I would say an accountant would be the best advice....

But I have several sponsors that don't send out the forms, and for me I end up just keeping track and then have to file 2 different Schedule C's...one for the one's that do send the paperwork, then another for the ones that don't that are counted as miscellaneous income. ALso depends too on how much you make from each of them.....

Accountants can be a lifesaver though.....

Jaden

Claim it all - I've been doing this for 9 years & not once has the amount of money I've recv'd 1099's for been anywhere close to the amount of money I recv'd from sponsors.

Think of it this way - let's say you made $10K last year from sponsors but you only got in 1099's totaling $5k & that's what you put on the tax forms - if the gov't ever looked at your bank statements & saw the extra $5k, how would you explain it?

It's the sponsor's fault for not sending the proper forms out to you, so claim all the money & let the IRS worry about them :)

True, I emailed the sponser, and they tell me, that CCBILL handles that. I emailed CCBILL and they say they are NOT reponsible ;-) lol

Do I claim the amount as Misc.income as Jaden stated or Do I fill out all detail info the name of the company and how much that sponser has sent me?

thanks

When I was doing everything under my own name, I just listed it all together under "misc" (or whatever the tax form calls it)

I did also have an accountant :) I just took him my totals from MS Money as well as the 1099's (which I think he gave me back) & my W2 from the "real" job. Just explain to him that the total of "misc" income includes the money on the 1099's & let him figure out where to put the numbers on the papers :)

Keep track of every dollar you earn some where. I just use a spread sheet with 12 works work books in it. Last year I recieved a W-9 from a sponsor in July. Why they bothered I'm not sure but in the end YOU are responsible for counting the gold.

So true guys, thank you

what about write offs, anyone have any good ones that maybe the rest of us didnt think of ???

My 1st accountant told me to write off anything business related - this includes me taking The Bitch out to dinner, since we are both owners of the company :D

you dont really write that off ???

the cars and the car insurance is a nice write off
hosting
phone bills
cable
hosting
programing
content
computers
software
alarm system & monitoring fees
electric

I write off all of the boxes of tissues that I need to mop up my tears whenever I look at my stats.

People like to give me old computers because they think I am a 'computer guy'. I'm not. But anyway, I have them write up a quick receipt for some token amount and I claim them as back-up systems and office servers. Really, it's just a pile of junk in the closet.

I do need to be creative when designing web pages. Do you think I could write off 10k in weed for last year?

Cleo just gave me an idea
I got one of those flavia coffee machines in my office
(They are the shit)

the machine and the supplies are a write off

I don't write off anything that is jointly used by the business & the home - electric, gas, TV, etc. My accountant advised that the IRS look a lot harder at you if you work from home & do this, so I eat it.

But everything that's stand alone as far as a bill goes (phone, cable modem, etc) I of course write off.

Everything else that has to do with the business - computer, vehicle, hosting, independent contractors, cell phones, etc - is of course written off.

Some of the borderline things I shall keep to myself, but let's just say that anyone that's been to the house for a party, the business paid for the booze you drank :D

Consulting fees.

Anytime you talk to anyone on the phone about business have them give you a reciept for "Consulting". Keep it under 600.00 a year so the person giving you the reciept doesnt recieve a 1099 and have to pay taxes on it.


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They are supposed to send out 1099-misc forms to you if you made over $600 in the year period.

Everyone else is right. You are still responsible for reporting the income and if you don't and you get audited you will wish you did. but realistically if you were not sent the form (as opposed to just did not recieve), the chances are slim anyone will notice unless you are audited or it is a huge portion of your income.

I hope the irs does not see this thread. ;)

Postal fees, P.O. Box, etc. I'm always sending stuff certified so it adds up for a nice deduction. Also, my accountant every year always asks if I use my car for business and that I should keep track of my miles, gas, etc. I actually got rid of my car so it's a mute point for me now though. :)

Also, don't forget the "food and entertaiment" box on your tax forms... ever talk biz during dinner? Take a client out? Business expense. :)

Only US based companies are required to send the 1099's if you're over $600. There are places to report money from companies for which you did not receive a 1099.

For instance, PimpRoll is not US based. Therefore no requirement to send them, therefore you wont receive one. But you still owe taxes on the income.


You could claim the mileage you drive on "business related" travels. Including if you drive to your bank every single day to deposit a check for example.

When US citizens work outside the country, up to a point they dont have to pay income taxes. I wonder if that would apply to the internet business where money is made from outside the US but still be in the US.


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