Compensation Employees
Sunday, April 4th, 2010
I already filed my taxes and received a 1099 MISC form for non employee compensation what do I need to do?
I did not work for this person and I think she filed it for her own purposes. Everything I received from her was monetary gifts. I already filed and received my return from the IRS do I need to file an ammendment on my taxes? I am very confused about this. I have no idea where to start.
The only way she can issue you a 1099 is that you received over $ 600 for services you rendered to her. Attorneys and pedicures can be 1099. Real estate agents are also 1099.
1099 are issued to those who take care of their own taxes. This way, as an employer you are not responsible for withholding taxes like you would have with an employee.
The only way she can issue you a 1099 is if she has your social security number or your Federal ID number. Basically, to receive a 1099 you were some sort of a contractor to her, you provided a service worth over $ 600. The maximum amount a business can give $ as a gift is $ 25 only. Anything beyond that is no longer considered a gift but an expense.
If you file an amendment to your taxes to include this 1099, then it is possible you will end up paying more taxes. What you consider a monetary gift is not according to the IRS.
You have to pay taxes on the money she gave you because she did not pay the taxes on it either. The 1099 gives you an obligation to pay those taxes. As a business owner, she is required by law to send you a 1099.
There are over 300 millions Americans. The chances you will get audited are minimal just like the chance of you winning the lottery. You may do nothing and nothing may happen. Can you live with or without filing an amendment ?
We immigrated from England, France and Spain long ago to free ourselves from the slavery of the taxes to the Kings and Queens of Europa. Instead, we now have the IRS to suck up as much money from you as it can.
Call her up and ask her what classification she put you in her books. You are under her vendor’s list, under what account ?
If she lied, you can report her ! If you received more than $ 600 in $ gift, then you are responsible for it .
Taxes suck !
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