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Do I Only File My Tax If I Receive The 1099?

Discussion in 'Business & Tax Advice' started by toa1, Jan 29, 2009.

  1. toa1

    toa1 Registered Member

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    Currently Ive made like 3 grand for the year but for most parts, all my affliate networks haven't reach the $600 limit which results that i cannot get a 1099 form for the year. So how am i suppose to file my return without a 1099?
     
  2. unravelled

    unravelled Junior Member

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    I'm thinking you should be fine. Since you don't have the 1099's all they will usually do is send a bill for any earnings that got "discovered." Your state taxes will usually mirror this. I once didn't report the sales of every single stock market transaction on accident and got the bill about 8 months down the line. Never got into any trouble just worked out an installment agreement and paid it off. So basically it's not if you report the 1099 or not it's up to the affiliate network to report your earnings.
     
  3. BuzzKill

    BuzzKill Executive VIP

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    Not to sound apocalyptic, but, do not fuck around with your taxes and 1099's, seriously. I have been battling with the IRS for the past 6 years on a debt that was from adult affiliate programs. You are required to handle your taxes, pay quarterly etc.

    This IRS debt has been a MAJOR pain in the ass for me and it's like the fucking energizer bunny. Don't listen to people who say, "oh just wait for them to come to you".. If there is one thing I have learned from all of this, follow the tax laws and get an accountant. It's really not expensive at all, and there won't be any surprises 5 years down the road.
     
  4. SunGoD3D

    SunGoD3D Newbie

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    If your not sure call up these affiliate network companies directly and ask if can send you 1099 for tax filing. Remember to fill out all your expenses on "Sch. C" home office expenses, advertising costs, transportation, lunches, business trips, etc.
     
  5. WickednDivine

    WickednDivine Executive VIP Premium Member

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    thats great and all, but like the OP said, how can you file if you dont get the 1099? Can you just claim the income anyway?
     
  6. toa1

    toa1 Registered Member

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    Hey people I only made like $50- $100 on each network with my blackhat method on the email submit things. How am i suppose to get a 1099 for earning only $50-$100 for each networks?
     
  7. mikie46

    mikie46 Jr. VIP Jr. VIP

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    Are you sure about that? In the US my understanding is that your COMBINED earnings must total over $7000 to report tax. So if all your 1099's total less you dont need to file. But im not an accountant. Are there any accountants that can answer this question for sure?
     
  8. zhagijs1

    zhagijs1 Jr. VIP Jr. VIP Premium Member

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    toa1 ok I have some expierience in banking so I know all the places are by law obligated report what you have made. It does not matter how big it is. I myself have received $4 int paid and $100 1099 from my bank because I opened account with them. Honestly I would pay any taxes, just to be safe. And you have to think in long terms, later down the road if you open a company and planning to borrow money or get grants you will gef f***ed. learn from BuzzKill, do you really want to deal with IRS for six years, I would certainly not.
     
  9. rjj4181

    rjj4181 Newbie

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    IF all of your earnings are from 1099's, or NEC (non employee compensation) you report on schedule C and pay (1)income tax on the net profit, and (2) FICA/Medicare (Social Security) also on the net profit. With deductions and exemptions you may not owe income tax on the net eearnings, but you WILL owe the SE (Self Employment) tax - the FICA/Medicare <which is currently 15.3%>. NOTE: when you are employed, the employer pays half of the FICA/Medicare and you pay half (through withholding along with your income tax).

    In other words, best to seek professional advice
     
  10. WickednDivine

    WickednDivine Executive VIP Premium Member

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    anyone know if you can apply business deductions (like adwords spending for example) if you dont have a corporation of anykind?
     
  11. Atomic21

    Atomic21 Junior Member

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    Yes you absolutely can. File as a sole proprieter and fill out your schedule C. Just get Turbo Tax it does everything for you.

     
  12. Atomic21

    Atomic21 Junior Member

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    Its really quite easy. Just get a copy of Turbo Tax and fill in the blanks. Turbo Tax does the rest. I have been filing as a sole proprietor for years and always use Turbo Tax.

     
  13. toa1

    toa1 Registered Member

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    Can I use turbo tax in my case? It asks endless amount of questions
     
  14. Atomic21

    Atomic21 Junior Member

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    Yes. It is very easy.

     
  15. ravetildon

    ravetildon Registered Member

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    If you made under 600.00 they are not required to send you a 1099. Just look at your year end statement from the aff admin page. Add em all up and put in on tax return.

    You can either just put that money in other income if you don't want to file a schedule c (business tax return)

    or

    It's probably best to file sch c tho. You probably have loads of deductions. Internet magazine, cell phone bills, link buildng fees, adwords money, home office, hosting, home internet, food sometimes, computer, software, etc. The list could go on.

    If you only made the 3K and didn't have any other income you probably don't need to file.
     
  16. blackhataffiliate

    blackhataffiliate Senior Member

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    File your taxes, if you do not it will come back to bite you in the ass later. You should expenses to deduct. Think about it you probably have hosting expenses, domain expenses, ppc (adwords, msn, yahoo), any web design magazines and/or books. Make sure you have or can get your receipts. Also, be thinking about taxes for next year and start putting some away to pay any tax bill that may come due.
     
  17. toa1

    toa1 Registered Member

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    hey bro I didn't spend any money at all...
     
  18. BabyBoy06

    BabyBoy06 BANNED BANNED

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    Basically, anything that you paid to help make you money is a business expense and is deductible. That's what I was taught:

    1. Home Office (The sq. ft. of your home that is office space is deductible.)
    2. Internet (You need the internet to run your biz)
    3. Telephone (Networks gotta call you somehow)

    I'm wanting to pay but have yet to receive a single 1099 from ANY of the networks yet. Only one I should receive one from is CJ. CJ, MarketLeverage and CPAStorm are the only 3 I've been paid from. CPA Storm and ML were UNDER $600 though so yeah.

    Good luck and keep us informed...
     
  19. toa1

    toa1 Registered Member

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    I might receive one from clickbooth since i made like $900 but the rests are all under $600