Question on 1099s

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  • wdsguy
    Ryde or Die
    • Dec 2002
    • 19568
    #1

    Question on 1099s

    I get alot of 1099s and many of them are off by a few hundred dollars or some amount.

    I'm guessing the reason is a sponsor may include the amount being sent out in December but since I go by when I deposit the check I might include it for Jan of next year.

    Trying to get everyone to send corrected 1099s is pretty much impossible so for tax purposes do you go by what you deposited or by the amount on the 1099?
    Tags: None
    • woj
      <&(©¿©)&>
      • Jul 2002
      • 47882
      #2
      1099s, if what you report when filing your taxes doesn't add up with 1099s you will probably get audited...
      Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000
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        • L-Pink
          working on my tan
          • Mar 2005
          • 39151
          #3
          Technically it's when the money is earned not when it's deposited.


          .

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            • Sharky
              Confirmed User
              • Mar 2002
              • 4938
              #4
              lol, I'm still waiting on 3-4 1099's. Companies are taking their time. lol
              Sharky

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                • woj
                  <&(©¿©)&>
                  • Jul 2002
                  • 47882
                  #5
                  Originally posted by L-Pink
                  Technically it's when the money is earned not when it's deposited.
                  .
                  Isn't it actually based on the date on the check? (unless you use "accrual" accounting)
                  so if you earn $$ in December 2010, but check isn't sent out till January 2011, it actually counts as being paid out in 2011, and so it counts as income for 2011?
                  but if it's paid out on December 31st 2010, you don't receive the check till January 5th 2011, that counts as being paid out in 2010 and so it counts as income for 2010?
                  Last edited by woj; 02-20-2011, 08:09 PM.
                  Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000
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                    • L-Pink
                      working on my tan
                      • Mar 2005
                      • 39151
                      #6
                      Originally posted by woj
                      Isn't it actually based on the date on the check? (unless you use "accrual" accounting)
                      so if you earn $$ in December 2010, but check isn't sent out till January 2011, it actually counts as being paid out in 2011, and so it counts as income for 2011?
                      You know I think you are correct.


                      .

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                        • baddog
                          So Fucking Banned
                          • Apr 2001
                          • 107089
                          #7
                          Date of the check. Not the date you received it or deposited it.

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                            • Barry-xlovecam
                              It's 42
                              • Jun 2010
                              • 18083
                              #8
                              constructive receipt

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                                • NemesisEnforcer
                                  Confirmed User
                                  • Aug 2003
                                  • 2122
                                  #9
                                  Originally posted by woj
                                  Isn't it actually based on the date on the check? (unless you use "accrual" accounting)
                                  so if you earn $$ in December 2010, but check isn't sent out till January 2011, it actually counts as being paid out in 2011, and so it counts as income for 2011?
                                  but if it's paid out on December 31st 2010, you don't receive the check till January 5th 2011, that counts as being paid out in 2010 and so it counts as income for 2010?
                                  Going through an IRS audit, using the cash method, they based it on when the check is cashed.

                                  I wrote a check in December took the write off in December but the back of the check showed that the recipient cashed the check in January. The agent said I still had possession of the cash into the following year and disallowed the expense in December.
                                  The Only Time When Success Comes Before Work Is In A Dictionary.

                                  Did you ever notice: When you put the 2 words 'The' and 'IRS' together it spells 'Theirs.'

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                                    • 18teens
                                      Confirmed User
                                      • Dec 2002
                                      • 1605
                                      #10
                                      Why is it like pulling teeth getting a 1099 from some sponsors?

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                                        • The Heron
                                          Confirmed User
                                          • Apr 2001
                                          • 4496
                                          #11
                                          I use cash accounting for porn, seemed easier and made more sense without any real big expenses to depreciate

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