Ask HN: Problems with 1099-MISC Tax Returns?
2 comments
I always struggle towards the end of the year thinking back to what my expenses were. I then try to go through my bank accounts and determine what was actually a write off. There are so many stipulations to what a write off is that I'm constantly afraid of getting audited. My problem is two fold.
1. I need to track my business expenses during the year (there are many solutions and I'll be using one this year when I begin contracting work)
2. The bigger issue is I need a way to know if the thing I'm trying to claim an expense for, right now, is actually a business expense AND what specific stipulations exist on this type of expense.
If there is a simple way to accomplish problem #2 without going to a .gov or yahoo answers I'd gladly use the service. I feel like I could focus more on work and other parts of the business if I'm not always fearing I did something wrong with an expense (I know you can pay others to do this, but I don't yet have the volume on income for it).
1. I need to track my business expenses during the year (there are many solutions and I'll be using one this year when I begin contracting work)
2. The bigger issue is I need a way to know if the thing I'm trying to claim an expense for, right now, is actually a business expense AND what specific stipulations exist on this type of expense.
If there is a simple way to accomplish problem #2 without going to a .gov or yahoo answers I'd gladly use the service. I feel like I could focus more on work and other parts of the business if I'm not always fearing I did something wrong with an expense (I know you can pay others to do this, but I don't yet have the volume on income for it).
The secret to this is to use payment cards (Visa, etc.) or third party payment networks (PayPal, etc.) to pay vendors (contractors, etc.): you then don't need to send 1099-MISC, as the payment system will send a 1099-K instead, thanks to the new IRS section 6050W.
I'm trying to solve the problem by providing a service that lets you efile with the IRS, check data against the Social Security Agency's database and guarantee IRS audit protection.
What are some problems you're having? What do you really want to help you fix this problem?
Any comments are welcome! Also, if you have any questions about this I'd be glad to help!
I'd be glad to also send a free ebook that I wrote to help anyone that wants to understand these problems better as well if you email me at [email protected]
Thanks! Cam.