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Thread: 1099 or form C

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    Veteran Member dancinslifoxxx17's Avatar
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    Default 1099 or form C

    I've searched this and didn't come up w/ answers needed. My club has said something about a 1099 form but I never recieved one. Do I ask for one or just file under C. What is the difference between the two? Which is better to file? I'm clueless when it comes to taxes!
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    Default Re: 1099 or form C

    You should ask them for one because it behooves you to know what they've reported paying you--unless they didn't report it, of course! But do ask them about it since you should have received it by now. You will have to file a schedule C form regardless since that's exactly where the income on a 1099 is reported--income or loss from a business.

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    Default Re: 1099 or form C

    Clubs and many other businesses are famous about being late with issuing their 1099's. This is why I always wait until late march or april before filing my tax return.

    The risk factor of course is that even if you report income from Club X on your Schedule C, if Club X files a 1099 and the reported amounts don't agree between what the club says they paid you on their 1099 and what you say you received from them on the tax return you already filed, you're virtually guaranteed to hear from the IRS in short order.

    the answer to the 'what's the difference' question is 'none' and 'a lot' at the same time. From a pragmatic standpoint a 1099 income report goes on one line of Schedule C, while misc income without a 1099 goes on a different line. Other than that, all calculations are the same. However, on the IRS computer end, if they receive a 1099 from a business with a particular name and SS# on it, and if they don't receive a tax return from a person of the same name and SS# which lists that 1099 income, red flags go up. Once a human at the IRS (oxymoron ?) looks at that tax return, if the name Club X appears on the tax return with the same amount of income as was listed on the 1099 form listed beside Club X, they will probably be satisfied. However, if there is no matching tax return entry for Club X, or if there is a difference in the amounts listed (constituting 'probable cause' BTW), the IRS will very probably start lookiing at that person's tax return/finances in greater detail.

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    Veteran Member dancinslifoxxx17's Avatar
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    Default Re: 1099 or form C

    Oh... I see. Thanx.. Few more ?
    I work at a club that's classified as a "chain" club. So would they be keeping records of my dances? Prob. not. Should I discuss the amount I'm going to claim w/ them so everything adds up if they file on me?
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    Default Re: 1099 or form C

    I work at a club that's classified as a "chain" club. So would they be keeping records of my dances? Prob. not.
    Does the club ever pay you ? ... as in the club collects private dance/VIP/Champagne room money from the customer at the cash register and then pays you a 'cut' at the end of the night ? ... as in the club sells funny money to the customer at the cash register and then pays you a 'cash-in value' at the end of the night ? ... as in the club takes a customer's credit card and then pays you in cash less processing fees at the end of the night ?

    If so, then the club has records of these transactions. Of course, the club also almost certainly has records of which dancers worked on which nights if they charge dancers a stage fee. Chain clubs are also more likely to keep detailed records and issue 1099's since, from the club's standpoint, they can write off any money paid out to dancers as a club business expense and lower the club's income taxes if they track these payments to dancers and issue the dancers 1099's.

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    Veteran Member dancinslifoxxx17's Avatar
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    Default Re: 1099 or form C

    Thanx for the info. I'll talk to the GM next week.
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    Blessed Be

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    Default Re: 1099 or form C

    Just an aside - why does any self-employed person need a form 1099? As a self-employed professional, it is your responsibility to record your revenues and document your expenses. If you report your earnings, you can ignore the receipt or non-receipt of form's 1099s. Corporations don't receive them. Why? Because corporations, as a rule, operate under business principles that have them recording revenues and expenses.

    1099 forms were designed so that self-employed cash basis people limited their tax evasion tactics by non-reporting of income. I recommend that you daily calculate your earnings and your expenses. Search for the best tax situation with your fact. Then, the receipt of a 1099 is irrelevant and you have the books and records to document your actual income.

    Regards,

    Dan
    Daniel D. Morris, CPA
    [email protected]

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    God/dess Deogol's Avatar
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    Default Re: 1099 or form C

    One should mention that the 1099 goes not only to the SP, partnership, or individual but a copy also to the IRS by the company issuing the 1099. So if a 1099 was sent to you - it was also sent to the IRS (that is a warning to those who "forget" to pay their taxes.)

    Document your earnings by taking a picture of it in front of a TV or something you have no control of the time on. Make sure all the money can be seen. Get a notarized letter of the amount present.

    LOL! I kid you! But not about the 1099 going to the IRS though.

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    Default Re: 1099 or form C

    I was just told that they have until the end of February to send out a 1099. I still haven't gotten one from one of the firms I work for.

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    Default Re: 1099 or form C

    Forms 1099s are due to recipients by 1/31 of each year. Issuers have until 2/28 to file them with the IRS.
    Daniel D. Morris, CPA
    [email protected]

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    Default Re: 1099 or form C

    Forms 1099s are due to recipients by 1/31 of each year. Issuers have until 2/28 to file them with the IRS.
    This is technically correct, but clubs are notorious for being late filers. Several times I have discovered 1099's showing up in my mailbox during the first week of March.

    Because the potential consequences of filing your tax return without listing a particular 1099 (because you haven't received one, yet) in mid February, and then having the club file a 1099 two weeks later (i.e. the IRS computers can't find a match-up between the club's 1099 and the dancer's schedule C listing that 1099 as income), I always wait until the second half of march before filing my tax return.

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