Tax Question - CCBILL

[Verbal]

So I'm doing my taxes and noticed I didn't get a 1099 from CCBILL for last year. I called them up and apparently they don't send out 1099 forms. So how do I report this income. or don't I have to report it?

[Greenguy]

CCBill says that the paysite owner is responsible for reporting the income to the webmasters, which is strange because the money never goes thru the owners bank account, so they have no records - LOL

Yes, you do have to report it as income - check CCBills stats to see if they have a total for the previous year & then start to keep track of how much you get in on your system at home

[KristianF]

Damn thats an awesome question, never even thought about that as opposed to resellers.

[Verbal]

I guess CCBILL just assumes all their resellers will track down their earnings and remember to report them accurately.
Seems like legally they should have to send 1099's since the income is coming through them.
I'm not sure if the paysite owners even get access to their resellers personal info (address etc.) to send out statements.

Anyhow, thanks for the helpful reply Greenguy.

Peace,
Verbal

P.S. I hate tax season. |pissleft|

[Greenguy]

Originally posted by Verbal
I guess CCBILL just assumes all their resellers will track down their earnings and remember to report them accurately.

Technically, you're responsible to provide info on all money that goes into & out of your business banking account if the IRS ever asked. I think most people keep a ledger to they are 100% legal

[babymaker]

i never got 1099's from anyone will i in next month?? or not i guess lol. i have all my stubs. guess i will add them up.

[KristianF]

Originally posted by babymaker
i never got 1099's from anyone will i in next month?? or not i guess lol. i have all my stubs. guess i will add them up.

You prob. wont. Only if you made over $600 per company are you legally supposed to get a 1099. The only company I got one from last year was NastyDollars, and there were plenty more I should have, lol. I think if you read the terms close enough in most sponsorship sites, it probalbly says by joining you agree to be responsible for your own claims in income. Inside Tip: Never claim checks coming form companies outside the US, lol.

[Verbal]

Originally posted by Greenguy
Technically, you're responsible to provide info on all money that goes into & out of your business banking account if the IRS ever asked. I think most people keep a ledger to they are 100% legal

That's a good point. Up until this year I kept a ledger by hand on PAPER... it is ummm... a bit disorganized.

This year I've decided to embrace technology and use Excel. lol

[babymaker]

hey kristian ur in philly like me didnt know anyone else was lol. thanx for the info, i no i must have made over $600 from at least 2 but 1 is ccbill. not sure if i should file lol since it will trigger the last 7 years i have been working 4 cash lol. maybe next year.

[Greenguy]

Originally posted by KristianF
... if you made over $600 per company are you legally supposed to get a 1099.

Only if you are an Individual/Sole Proprietor - it's not required that they send them to you if you are a Corporation or Partnership.

Originally posted by KristianF
Inside Tip: Never claim checks coming form companies outside the US, lol.

Bad advice IMHO

[ShermsShack]

Originally posted by Greenguy
Only if you are an Individual/Sole Proprietor - it's not required that they send them to you if you are a Corporation or Partnership.

So if we didn't receive 1099's from all companies that we've made over $600 from, is it mandatory that it's reported?

I report EVERYTHING, but I've always wondered that. I received 8 1099's this year, but if my records are correct, I should have had 18 in my mailbox.

[Greenguy]

Legally, you are supposed to report any & all income.

Of course, if you want real advice, get an accountant

[KristianF]

I am giving bad advice, I am not sure 100% of the tax laws, or prob. even 50%, but I do have an accountant do mine. And not reporting income outside of the US is a bad thing to do, lol. But just make sure they aren't banking in the US, lol. I just use a simple Excel sheet to keep track of most things, profits and losses. Another actually good tip form me, lol: wirte off as much as possible: modem, bw, even be careful not to consider things like stationary, surround sound for the new pc, lol. Just keep all your receipts, and when you subcontract any work online: web design, tgp scripts, etc. get a receipt, if not a payapl form showing you paid out $.

[jscott]

i emailed ccbill about this a couple weeks ago, they sent me a total of all my income statement from 2003