1099's when is the deadline for sponsors to send you 1099's
 

I was promoting maybe like 15-20 sponsors.

and i only got like 5 1099's, should i have received them already?

should i contact the sponsors or just wait?

my friend told me i can call the irs and they can send me the 1099's is that also another option?

They are supposed to be sent out by 1/31 each year.

thanks, but does anyone if you can call the irs to send you copy of the 1099's or was the person who told me that was bullshiting?

The only way the IRS can send you a copy of a 1099 is if it was submitted by the other party.

thank you.

so what would be the best solution for me, since i didnt get all the 1099's

Should i just log into my business bank account and add up all the deposits i got from jan- dec? would that work? or do i need to know who paid me and the exact amount?

Good luck with that. Btw, cute avatar.

You can add up your deposits. To fill out the form, the IRS just wants a total, they don't care who you earned the money from.

However, it is really in your best interest to have some kind of record-keeping system as you go forward. And when it comes to expenses, having the records is a must.

thanks for the info.

i guess i really need to learn how to keep track of all this. so next year will be easier.

how do you guys do it? everytime you get a check you note it down somewhere?
or anytime you buy something for your business you write it down and keep the receipt?

i just used to depend on the 1099's, i guess that isnt enough. you need your own record.

Some sponsors dont send them out

You guys know any good books about taxes and tax record-keeping system?

quickbooks

end of feb is the deadline to be sent

Are you sure you made over $600 from the sponsor?

Are you sure that sponsor is based in the U.S.?

I believe you need to be aware of these things first, if they are not in the u.s. they probably are not going to waste time sending you a 1099

Gary

some are in U.S and i still didnt get them, and some are oversea (yeah i wont get those 1099's)

your suppose to report all income even if u didnt make more than $600 from a sponsor right?

you guys go by your 1099's or you have your own records for every payment received?

when dealing with a lot of sponsors this get really confusing.

I hate doing books on the computer. I have a folder for each month of the year. All my check stubs go in there, as well as a printed receipt for everything. At the end of the month, I total up the income, and classify the expenses. I then just plug that info into a spreadsheet for the end of the year.

After closing the books for a year, I just stick the 12 folders in my filing cabinet and forget about them.

thanks for the info

Great thread. I am missing many 1099's from sponsors, especially this year. There has a major increase in the amount of revenue I made this year compared to last year. Personally, I just go to my tax guy and he takes care of everything.

Yeah I used the phone book....and found a CPA.

A good one will save you alot more than they cost.

To answer your question(s), 1099's have to be postmarked by 1/31.
Not every sponsor sends them.

I throw them out with the rest of the junk mail when they come in. We use our bank statements for reporting income and expenditures, since everything flows through there one way or the other.

Most welcome. You are welcome to hit me up with ?s if you want.

I use an accountant, and highly recommend that you do so as well. But I can help you in knowing what kind of information you need to have so an accountant can do their job.

:)

dude get yourself a nice jewish accountant before you hand over all your money to the IRS

Just export your bank deposits in csv, import into a spreadsheet, add them all up and you are done :thumbsup