Tax Question - GoFuckYourself.com

fibermice · 04-06-2005, 07:13 PM

I know the numbers have to match properly, in terms of what Epoch or Ibill submitted to IRS

and how much you will report you earned from them.

I have not received any W-2's or any sort of papers neither from Epoch or Ibill.

Why dont they send us the papers that show what they reported to IRS?

pet kangaroo · 04-06-2005, 08:54 PM

in accounting terms it's a "doubtful debt".

Sosa · 04-06-2005, 09:50 PM

they won't every send you papers. would be nice if they did but I think you are just a contractor under them if I remember how it works out. Just add all your checks up you got in 04 and claim that money

rickdog777 · 04-06-2005, 10:15 PM

They send forms to you showing how much you made. Thats a write off for them so they 1099 you. Yes, you do need to claim all you made. If you gave them your FIN or SS# you really need to figure out how much you made.

And thats not a doubtful debt, maybe a bad debt, but it's still not even that!

Sosa · 04-06-2005, 10:26 PM

Quote:

Originally Posted by rickdog777

They send forms to you showing how much you made. Thats a write off for them so they 1099 you. Yes, you do need to claim all you made. If you gave them your FIN or SS# you really need to figure out how much you made.

And thats not a doubtful debt, maybe a bad debt, but it's still not even that!

When did you get any forms from Epoch or CCbill? a 1099 or anything like that.

04-06-2005, 10:31 PM

Processors will not 1099 you, and they won't w2 you. W2 is for employees and you are a sole proprietor (most likely). Login to their admin panel and pull up a time period from 1-01-04 - 12-31-04 . Then deduct the proicessing fees and you'll have your #.

BV · 04-06-2005, 10:36 PM

Quote:

Originally Posted by shermsshack

Processors will not 1099 you, and they won't w2 you. W2 is for employees and you are a sole proprietor (most likely). Login to their admin panel and pull up a time period from 1-01-04 - 12-31-04 . Then deduct the proicessing fees and you'll have your #.

or choose the option for a list of check amounts for specified time,

Sosa · 04-06-2005, 10:39 PM

yeah, I was pretty sure they weren't sending papers and never will. Now I've seen this talked about before, but are you guys writing off your ccbill and epoch fees? I've heard some accountants say you could and some say you can't. Just wondering what most of you guys are doing.

rickdog777 · 04-06-2005, 10:39 PM

I didn't know you were referring to processor's, I meant companies like clickcash, piecash etc.

rickdog777 · 04-06-2005, 10:41 PM

I am an accounting major, and I am 99% sure you can deduct those fees.

Sosa · 04-06-2005, 10:47 PM

Quote:

Originally Posted by rickdog777

I am an accounting major, and I am 99% sure you can deduct those fees.

Claim your gross as income, and then deduct all the fees right. It will be coming out to the same total if you were to just claim your net.

bdld · 04-06-2005, 11:25 PM

report what you earned, make it your best guess if you never kept track of things.

ModelPerfect · 04-07-2005, 12:02 AM

Quote:

Originally Posted by Sosa

yeah, I was pretty sure they weren't sending papers and never will. Now I've seen this talked about before, but are you guys writing off your ccbill and epoch fees? I've heard some accountants say you could and some say you can't. Just wondering what most of you guys are doing.

Of course you can. Just like you can deduct Paypal fees, Epass fees, etc. If you find an accountant that says you can't, don't use him, because he doesn't have a clue.

04-06-2005, 07:13 PM	#1
fibermice Registered User Join Date: Mar 2005 Posts: 29	Tax Question I know the numbers have to match properly, in terms of what Epoch or Ibill submitted to IRS and how much you will report you earned from them. I have not received any W-2's or any sort of papers neither from Epoch or Ibill. Why dont they send us the papers that show what they reported to IRS?

04-06-2005, 10:15 PM	#4
rickdog777 Registered User Join Date: Jan 2005 Posts: 63	Papers They send forms to you showing how much you made. Thats a write off for them so they 1099 you. Yes, you do need to claim all you made. If you gave them your FIN or SS# you really need to figure out how much you made. And thats not a doubtful debt, maybe a bad debt, but it's still not even that!

04-06-2005, 08:54 PM	#2
pet kangaroo Confirmed User Join Date: Oct 2002 Posts: 246	in accounting terms it's a "doubtful debt".

04-06-2005, 09:50 PM	#3
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	they won't every send you papers. would be nice if they did but I think you are just a contractor under them if I remember how it works out. Just add all your checks up you got in 04 and claim that money

04-06-2005, 10:31 PM	#6
shermo Guest Posts: n/a	Processors will not 1099 you, and they won't w2 you. W2 is for employees and you are a sole proprietor (most likely). Login to their admin panel and pull up a time period from 1-01-04 - 12-31-04 . Then deduct the proicessing fees and you'll have your #.

04-06-2005, 10:39 PM	#8
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	yeah, I was pretty sure they weren't sending papers and never will. Now I've seen this talked about before, but are you guys writing off your ccbill and epoch fees? I've heard some accountants say you could and some say you can't. Just wondering what most of you guys are doing.

04-06-2005, 10:41 PM	#10
rickdog777 Registered User Join Date: Jan 2005 Posts: 63	I am an accounting major, and I am 99% sure you can deduct those fees.

04-06-2005, 11:25 PM	#12
bdld $100,000 Join Date: Dec 2001 Posts: 11,452	report what you earned, make it your best guess if you never kept track of things.