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Best way to deal with 1099 and their quick pay settlement fees?

Discussion in 'Trucker Taxes and Truck Financing' started by Hanadarko, Dec 31, 2012.

Page 2 of 2
  1. Jan 2, 2013 #11
    Hanadarko

    Hanadarko Independent Owner/Operator

    2,970
    934
    Oct 1, 2009
    Midwest
    0
    Each settlement does show the 'quick pay' charge deduction....but the 1099 shows my entire amount, even though I didnt get paid that
    much...
     
    Hanadarko, Jan 2, 2013
    Hanadarko, Jan 2, 2013
    #11
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  3. Jan 2, 2013 #12
    profeshnltourst

    profeshnltourst Bobtail Member

    5
    2
    Jan 1, 2013
    0
    you're all set then, just add the charges to the "fees" column of you deductions and the total deductions are subtracted from the 1099 revenue to get the taxable amount for this business(in a roundabout way, the fees are prepaid taxes)
     
    profeshnltourst, Jan 2, 2013
    profeshnltourst, Jan 2, 2013
    #12
    Hanadarko Thanks this.
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