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Broker Quick Pay

Discussion in 'Trucker Taxes and Truck Financing' started by Scott72, Feb 3, 2018.

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  1. Feb 3, 2018 #1
    Scott72

    Scott72 Road Train Member

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    Are these fees deductible? I'm getting 1099's from a couple brokers I use quick pay for, but they aren't listing the fees on the 1099 at all. If it's an expense to me, it should be income to them. How do y'all handle these fees?
     
    Scott72, Feb 3, 2018
    Scott72, Feb 3, 2018
    #1
    luckystar Thanks this.
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  3. Feb 4, 2018 #2
    KB3MMX

    KB3MMX Road Train Member

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    You should only be getting 1099'd for the amount paid to you. Have you ran the numbers to check?
     
    KB3MMX, Feb 4, 2018
    KB3MMX, Feb 4, 2018
    #2
  4. Feb 4, 2018 #3
    6wheeler

    6wheeler Road Train Member

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    Go to your invoice and deduct your total for the broker fee
     
    6wheeler, Feb 4, 2018
    6wheeler, Feb 4, 2018
    #3
    Scott72 Thanks this.
  5. Feb 4, 2018 #4
    Scott72

    Scott72 Road Train Member

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    I'm working on that now. I haven't gotten them all in yet.
     
    Scott72, Feb 4, 2018
    Scott72, Feb 4, 2018
    #4
  7. Feb 4, 2018 #5
    Mattflat362

    Mattflat362 Road Train Member

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    I never have gotten them all...heck 1/2 at best I bet!

    I don't do quick pay but if I did yes those fees would be included in the cost of doing business. I would think that is correct.
     
    Mattflat362, Feb 4, 2018
    Mattflat362, Feb 4, 2018
    #5
  8. Feb 4, 2018 #6
    Scott72

    Scott72 Road Train Member

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    Why wouldn't they have to issue a 1099? That's like an employer thinking it's optional to issue a W-2?
     
    Scott72, Feb 4, 2018
    Scott72, Feb 4, 2018
    #6
    Lite bug Thanks this.
  9. Feb 4, 2018 #7
    wichris

    wichris Road Train Member

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    Don't have to give 1099's for transportation.
     
    wichris, Feb 4, 2018
    wichris, Feb 4, 2018
    #7
  10. Feb 5, 2018 #8
    TallJoe

    TallJoe Road Train Member

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    I don't care about 1099s send to me. I have every single payment check slip saved. 1099 are not required for the brokers to send in. They can, but they don't have to.
    I just add up what I get paid (what I received), that is net receipts after quick pays, their processing fees or whatever they bite off.
     
    TallJoe, Feb 5, 2018
    TallJoe, Feb 5, 2018
    #8
  11. Feb 5, 2018 #9
    Lite bug

    Lite bug Road Train Member

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    I could be wrong, I believe you don’t have to send a 1099 unless you feel they will not claim it as income.
     
    Lite bug, Feb 5, 2018
    Lite bug, Feb 5, 2018
    #9
  12. Mar 5, 2018 #10
    Brokerbyz

    Brokerbyz Bobtail Member

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    Mar 5, 2018
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    Thanks for the advice
     
    Brokerbyz, Mar 5, 2018
    Brokerbyz, Mar 5, 2018
    #10
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