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re: Question about consulting / contract work
Posted on 10/9/13 at 2:45 pm to LSURussian
Posted on 10/9/13 at 2:45 pm to LSURussian
So to keep it all above board, I need to give him a completed W9. He will issue me a 1099-Misc that I will use to report as Self Employed income on my taxes next year.
Will I be saving myself effort and money in the long run by having him only pay me $599 since a 1099 is not required under $600?
Will I be saving myself effort and money in the long run by having him only pay me $599 since a 1099 is not required under $600?
Posted on 10/9/13 at 2:54 pm to Chris4x4gill2
I've worked as an independent contractor for years. I've always reported all of my income even if the primary contractor doesn't give me a 1099 just because I don't want to worry about it.
So that's more of a personal decision on your part.
So that's more of a personal decision on your part.
Posted on 10/9/13 at 4:38 pm to Chris4x4gill2
quote:
Will I be saving myself effort and money in the long run by having him only pay me $599 since a 1099 is not required under $600?
I strongly suspect yes, especially if it's a cash deal. Given that you'll be saving yourself and your buddy some work ask him to buy you a few cases of beer or steaks on the side to make up the difference. If a 1099 is never generated the only way anything will happen is if you're audited and that is very very very unlikely. Even then we aren't talking about massive penalties.
Poodle is a practicing CPA and probably can't agree with the above for professional ethical reasons, but I doubt many CPA's would disagree privately over a glass of beer. Of course, for you not to pay the income tax anyway would still be illegal but that's up to you.
This post was edited on 10/9/13 at 4:41 pm
Posted on 10/10/13 at 6:47 am to Chris4x4gill2
You can do turbo tax online and it will walk you through the steps if you end up getting the 1099 . Very easy.
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