W2's/1099's Question
 

Am I suppose to contact sponsors to get these so I can file my taxes or are they just going to send them? I haven't gotten any yet and the deadline for them sending them is Jan 31st I believe.

Very very few ever send them aside from a select few programs who actually care.

One of the main reasons I still recieve primarly checks, so I do not have to wait for those forms and not freak about those that never send them anyways.

So if I don't get the forms I should just caculate my checks and input that sum?

lol scared!

no, keep track of it. Its not the sponsors responsibilty. It's a courtesy.

simply, yes.

No keep track of what. I asked if I should calculate my checks and use that in the w2 wage forms when filing.

I asked like 5 questions each one contradicting the other lol.

Sponsors that are in the US should be sending you a 1099 if they sent you $600 or more during the calendar year. If they sent you less than that, they won't send one. Some from outside the US send them, but not many.

Basically, you should keep track of it yourself and not rely on what a sponsor does or doesn't send you.

PK

Yeah, each of my sponsors have sent me $600+ and am expecting a 1099 from them. However the question is "If they don't send one for some odd reason should I calculate my checks and use that sum when filing"

Regardless of them sending one or not you should keep track of all income you receive. (The accountant in me talking)

Don't base what you claim as income on just what sponsors send you on 1099s. Often sponsors don't send them or are late sending them.. The IRS gets a copy of it. If they compare the 1099 totals to your tax return (which they do), you'll get an adjustment notice from the IRS (along with fees, etc).

PK

better off reporting what you know than not reporting it at all.

You dont enter every check you get in a program like quickbooks?

Goodluck :helpme

I write an article about this a few weeks ago. I went through this the first year I was in this biz because I had never been self employed before and didn't know shit about book keeping. You most likely will not get 1099s from everyone that you should. I got checks from around 25 different companies in 2005 and only got about 6 1099s that year. You need to get some kind of accounting system together. A basic spreadsheet or a ledger or something that allows you to keep track of every dollar you earn. Now with many sponsors paying via epassporte you won't even have check stubs to keep. If you keep track of every penny in a spreadsheet/ledger or program like quickbooks you will have a very easy time in filing your taxes.

you should also keep track of all you expenses and use an accountant so you don't make mistakes and end up either getting audited or owing a ton of money.