Question on 1099s - GoFuckYourself.com

wdsguy · 02-20-2011, 09:54 PM

I get alot of 1099s and many of them are off by a few hundred dollars or some amount.

I'm guessing the reason is a sponsor may include the amount being sent out in December but since I go by when I deposit the check I might include it for Jan of next year.

Trying to get everyone to send corrected 1099s is pretty much impossible so for tax purposes do you go by what you deposited or by the amount on the 1099?

woj · 02-20-2011, 09:57 PM

1099s, if what you report when filing your taxes doesn't add up with 1099s you will probably get audited...

L-Pink · 02-20-2011, 09:58 PM

Technically it's when the money is earned not when it's deposited.

.

Sharky · 02-20-2011, 10:05 PM

lol, I'm still waiting on 3-4 1099's. Companies are taking their time. lol

woj · 02-20-2011, 10:05 PM

Quote:

Originally Posted by L-Pink

Technically it's when the money is earned not when it's deposited.
.

Isn't it actually based on the date on the check? (unless you use "accrual" accounting)
so if you earn $$ in December 2010, but check isn't sent out till January 2011, it actually counts as being paid out in 2011, and so it counts as income for 2011?
but if it's paid out on December 31st 2010, you don't receive the check till January 5th 2011, that counts as being paid out in 2010 and so it counts as income for 2010?

L-Pink · 02-20-2011, 10:10 PM

Quote:

Originally Posted by woj

Isn't it actually based on the date on the check? (unless you use "accrual" accounting)
so if you earn $$ in December 2010, but check isn't sent out till January 2011, it actually counts as being paid out in 2011, and so it counts as income for 2011?

You know I think you are correct.

.

baddog · 02-20-2011, 10:40 PM

Date of the check. Not the date you received it or deposited it.

Barry-xlovecam · 02-21-2011, 05:20 AM

constructive receipt

NemesisEnforcer · 02-21-2011, 08:47 AM

Quote:

Originally Posted by woj

Isn't it actually based on the date on the check? (unless you use "accrual" accounting)
so if you earn $$ in December 2010, but check isn't sent out till January 2011, it actually counts as being paid out in 2011, and so it counts as income for 2011?
but if it's paid out on December 31st 2010, you don't receive the check till January 5th 2011, that counts as being paid out in 2010 and so it counts as income for 2010?

Going through an IRS audit, using the cash method, they based it on when the check is cashed.

I wrote a check in December took the write off in December but the back of the check showed that the recipient cashed the check in January. The agent said I still had possession of the cash into the following year and disallowed the expense in December.

18teens · 02-21-2011, 09:16 AM

Why is it like pulling teeth getting a 1099 from some sponsors?

The Heron · 02-21-2011, 09:20 AM

I use cash accounting for porn, seemed easier and made more sense without any real big expenses to depreciate

02-20-2011, 09:54 PM	#1
wdsguy Ryde or Die Industry Role: Join Date: Dec 2002 Location: California-Shanghai Posts: 19,568	Question on 1099s I get alot of 1099s and many of them are off by a few hundred dollars or some amount. I'm guessing the reason is a sponsor may include the amount being sent out in December but since I go by when I deposit the check I might include it for Jan of next year. Trying to get everyone to send corrected 1099s is pretty much impossible so for tax purposes do you go by what you deposited or by the amount on the 1099?

02-20-2011, 09:57 PM	#2
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	1099s, if what you report when filing your taxes doesn't add up with 1099s you will probably get audited... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

02-20-2011, 10:05 PM	#4
Sharky Confirmed User Industry Role: Join Date: Mar 2002 Location: Tampa, FL Posts: 4,938	lol, I'm still waiting on 3-4 1099's. Companies are taking their time. lol __________________ Sharky

02-20-2011, 09:58 PM	#3
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Technically it's when the money is earned not when it's deposited. .

02-20-2011, 10:40 PM	#7
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	Date of the check. Not the date you received it or deposited it.

02-21-2011, 05:20 AM	#8
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	constructive receipt

02-21-2011, 09:16 AM	#10
18teens Confirmed User Industry Role: Join Date: Dec 2002 Posts: 1,605	Why is it like pulling teeth getting a 1099 from some sponsors?

02-21-2011, 09:20 AM	#11
The Heron Confirmed User Industry Role: Join Date: Apr 2001 Location: Michigan Posts: 4,487	I use cash accounting for porn, seemed easier and made more sense without any real big expenses to depreciate