I Received a 1099 - Now What?
Jan 10, 2023As a service-based business owner, you're likely sending and receiving 1099's each year. In the last episode we covered when to send them and today, we'll be discussing what to do when you receive one.
When you receive a 1099, it shouldn't be telling you anything you don't already know. If it is showing income that you haven't tracked elsewhere, now is your chance to figure it out because the IRS will be checking to make sure you've reported the correct income.
I'll also be sharing what to do if you mistakenly receive a 1099 or if you receive a 1099 with inaccurate information.
"Make sure you're claiming all your income. If you receive a 1099, make sure you're reporting all that income on your tax return."
What you'll hear in this episode:
- What is a 1099? What does it mean?
- What to do if you receive a 1099 that’s wrong.
- Make sure your W-9 gets updated.
- What do you do if you receive a 1099 on your social?
- If you have any questions on the 1099, please reach out to me at.
Here are some brief snippets from this episode:
[00:00:50]
Today we're going to talk about what to do when you receive a 1099 from a customer. Do not go to anyone except the person or company that sent it to you. Make sure you're claiming all your income. There is no new taxes on the money on that 1099.
[00:08:32]
As an S corporation, you don't necessarily need the 1099. Make sure the business name and the business EIN is on all your W-9s. If you receive one, then technically you need to do a little bit of tax magic to be able to claim it properly.
[00:11:09]
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Related episodes:
160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA
183. Is it Too Late to Elect the S Corp?
190. Live Q&A: Deducting Startup Costs in a New Business
Resources:
Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/
Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
