the instructions for the 1099 include payment for freight as an exception to filing this form but only one broker has not sent us one (citing this reason). Are the brokers that sent us the 1099s just covering their butts?![]()
should o/o receive 1099 from all brokers?
Discussion in 'Trucker Taxes and Truck Financing' started by Brendaroni, Feb 11, 2013.
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No one will touch this question. ask a tax person. Sorry.
Brendaroni Thanks this. -
I noticed. thanks.
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I did a little digging and based on information from several different financial service companies and the IRS, the one broker you stated did not send a 1099 is correct. Payment for freight does not require a broker to submit a 1099: http://www.steelheadfinance.com/2011/07/brokers-1099-cost-time-risk-savings
To answer your 2nd question - in a nutshell, yes, they're CYA.Brendaroni Thanks this. -
Corporations do not have to send out 1099 but do report the money to the IRS......also you need to make sure your 1099s are correct we get some that are less than what we did and one year we had one that was over $5,800 more than what it should have been make sure your not paying taxes on money you never got. That's a good reason to do good book keeping
Brendaroni Thanks this. -
You should keep up with how much money you've been paid as some brokers report all money they paid you including quick pay fees which you can deduct.
dannythetrucker and Brendaroni Thank this. -
So just call that broker and tell them to send ya the $5,800 check to make up for it lol....BAYOU Thanks this.
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thank you! Now I gotta double check everything including quick pay fees!
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