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fibermice 04-06-2005 07:13 PM

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?

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

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!

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.

shermo 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.


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