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Questions about deductions and 1099s.

Discussion in 'Business & Tax Advice' started by dgfalk, Jan 19, 2012.

  1. dgfalk

    dgfalk Power Member

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    For 2011 I got 2 1099s from Google and Amazon totaling a little over $2,000, first off, with an amount that small is it still very important to claim it all?

    If I do clam it all how should I go about my deductions. When I add them all up its more then what I made. Should I claim all those and show a lose for the year? Or should I only include enough to make it look like I made a couple hundred bucks?

    Also this is the first year Ive ever got 1099s for my IM so the IRS will see it as a brand new business. Any help would be appreciated thanks!
     
  2. -Jericho-

    -Jericho- Jr. Executive VIP Jr. VIP Premium Member

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    You definitely want to claim it and if you can show a loss all the better. You can use it against 2011 income and carry it over if you don't have anything to write it off against.
     
  3. dgfalk

    dgfalk Power Member

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    Im not quite sure what you mean here, can you explain it a little more? Thanks
     
  4. jonnyquest

    jonnyquest Regular Member

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    What Jericho said ...

    Remember these forms go to the IRS from Amazon and Google, so they will eventually get around to asking you about this unreported income.

    There are a ton of info on the net as to what are legal deductions you can use to offset the income. How about your internet connection, any ebooks or software you purchased for business purposes. How about any business licenses or insurance (read more about health insurance)

    Hope that helps

    JQ
     
  5. TrulyReal

    TrulyReal Registered Member

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    If you get a 1099 you should definitely report. I would be careful with posting a loss for more than one year it basically a big red flag for an audit.