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Tax’s w/ own auth, wait for 1099's, or file my gross figures

Discussion in 'Ask An Owner Operator' started by HopeOverMope, Jan 3, 2019.

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  1. Jan 3, 2019 #1
    HopeOverMope

    HopeOverMope Road Train Member

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    This is my first time doing tax’s without getting a 1099 from one source and had a question here. Am I supposed to be waiting / pursuing a 1099 from every customer or brokerage? Or do I just take my total gross from my books and send that in to my cpa for my gross.

    I probably could ask my cpa group but it’s kind of a big busy operation that deals mostly with leased on trucks.
     
    Last edited: Jan 3, 2019
    HopeOverMope, Jan 3, 2019
    HopeOverMope, Jan 3, 2019
    #1
    stayinback Thanks this.
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  3. Jan 3, 2019 #2
    Bakerman

    Bakerman Road Train Member

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    The 1099’s that I received from my customers I just file them away, my CPA does not need them to do my taxes
     
    Bakerman, Jan 3, 2019
    Bakerman, Jan 3, 2019
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    jamespmack and HopeOverMope Thank this.
  4. Jan 3, 2019 #3
    77fib77

    77fib77 Road Train Member

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    It's all revenue in right? Minus expenses. With caveats for depreciation, and rent out property to people. Per diem, interest on borrowed money, repairs, hotels, milleage for using your car for part pick up, phone bill, tires, oil changes, insurance, fuel,ect... Health care, not sure about it, I know it can be done. This is off the top of my head. I'm an LO.
     
    77fib77, Jan 3, 2019
    77fib77, Jan 3, 2019
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    PE_T Thanks this.
  5. Jan 3, 2019 #4
    Derailed

    Derailed Road Train Member

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    No need to wait for 1099s. If your a corp you may not even receive one.
     
    Derailed, Jan 3, 2019
    Derailed, Jan 3, 2019
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    HopeOverMope Thanks this.
  7. Jan 3, 2019 #5
    HopeOverMope

    HopeOverMope Road Train Member

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    Thanks
     
    HopeOverMope, Jan 3, 2019
    HopeOverMope, Jan 3, 2019
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    Derailed Thanks this.
  8. Jan 3, 2019 #6
    HopeOverMope

    HopeOverMope Road Train Member

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    Ten4
     
    HopeOverMope, Jan 3, 2019
    HopeOverMope, Jan 3, 2019
    #6
  9. Jan 3, 2019 #7
    HopeOverMope

    HopeOverMope Road Train Member

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    Yup... just when you lease unto a company, they issue a 1099, stating gross revenue. The gross revenue is needed I suppose for the cpa to report what number your expenses are coming out of.

    But when not leased on with a company. You may send invoices to over 30 different companies in one year. So, that’s what I was checking. If a 1099 was needed from each one, for reporting gross revenue, or if my word was all that’s needed.
     
    HopeOverMope, Jan 3, 2019
    HopeOverMope, Jan 3, 2019
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    77fib77 Thanks this.
  10. Jan 3, 2019 #8
    DUNE-T

    DUNE-T Road Train Member

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    This. Just need total gross
     
    DUNE-T, Jan 3, 2019
    DUNE-T, Jan 3, 2019
    #8
    Derailed and HopeOverMope Thank this.
  11. Jan 3, 2019 #9
    Ridgeline

    Ridgeline Road Train Member

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    Did you invoice anyone in any way?

    The a/r is what you get when you get a check, they gets put into your ledger as paid invoice and that's your proof.

    You shouldn't get 1099s for anything, those are for compensation for labor.
     
    Ridgeline, Jan 3, 2019
    Ridgeline, Jan 3, 2019
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    HopeOverMope Thanks this.
  12. Jan 3, 2019 #10
    HopeOverMope

    HopeOverMope Road Train Member

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    Oh, what about if I invoiced a customer in December but it doesn’t remit until January?
     
    HopeOverMope, Jan 3, 2019
    HopeOverMope, Jan 3, 2019
    #10
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