Epoch / Taxes
 

If my epoch revenue for 2004 shows that for example:

12k was earned.
2k went to processing fees


On my tax forms i put 12 gross
10k net

2k went to processing fees?

do i specify who it went to? Paycom Inc? Epoch Inc?

Epoch hasnt sent me any tax papers i am kind of confused. :helpme

well hopefully you are claiming more deductions than just the processing fees...
and you dont need to specify who it went to.. but you need to keep records of who it to.

They are just a brokering/transaction agency. They did not actually pay you, the sponsors and or your affiliates did. Thus this would put them into an expense category.

when you go to the financial reports on epoch
and then do a date range earnings report.

from January 1 2004
to December 31 2004

there is a GROSS TOTAL
and then there is a CO NET TOTAL

which one do they report to IRS?

Only pay attention to the checks you actually received. ..not what epoch's stats say.

yeah.
just worry about what you actually put in your bank account. its much less hassle that way.

True... Try to explain to IRS that you made 12 000. 00 but only c9ollected 10 0000.00 ... That is looking for trouble.

i think you claim what you made from the program as income, and then deduct the rest as processing fees, somewhere on your schedule c or 1065, whichever form you are using.

Well i agree, but doesn't Epoch report $12000 to IRS as a paid amount to me?

You should report what is on your W2, not what is in the financial reports..

ditto.........

yup report what you were paid, not whatever numbers they say.