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Thread: Taxes w/o business license or 1099

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    Default Taxes w/o business license or 1099

    My work gives us checks, but no checkstub, and they don't give us a 1099 at the end of the year either. We all gave them $ to do our business licenses, but they havn't given us that either. Sometimes (often) we are fined out of our checks then they just give us the remainder cash. I have records & know what I made, but.... Do I claim what I supposedly made then deduct the fines? Or do I claim what I took home?

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    Default Re: Taxes w/o business license or 1099

    There really isn't any 100% correct answer to that question. From a technical standpoint, it's better to list all income and then subtract the 'legitimate business expenses' from that income. However, it's not a legal given that the payment of fines would be considered a 'legitimate business expense'. To avoid that question, claiming 'net' income i.e. the amount of money you actually took home solves the problem.

    However, on the flip side, when it comes to future issues requiring income verification ( i.e. apartment leases, car loans etc. ) claiming of 'net' income only will reduce the amount of your verifiable income.

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