1099 TIME AGAIN
- upriverLMB
- Posts: 239
- Joined: Sat Jan 28, 2006 2:35 pm
- Location: Modesto
1099 TIME AGAIN
Got my 1099 from 100% Bass in the mail today. I am not a pro but cashed a couple decent checks last year. I can provide tackle, boat, fuel and other fishing related receipts to offset the income. I have been told by a few people that claiming these deductions are asking to be audited. Any advice?
LMB
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- Posts: 172
- Joined: Thu May 11, 2006 2:56 pm
Re: 1099 TIME AGAIN
If you have the 1099's that are stating income, then the receipts will offset as you already know. I am not sure about red flags to be audited, but if you have all your ducks in a row already then there should be no worries. Don't give the tax man any more money than he already has.
Just my opinion.
Just my opinion.
Re: 1099 TIME AGAIN
I havnt recieved mine from 100% or Won Bass yet! Arent these supposed to be recieved by 1-31?
Re: 1099 TIME AGAIN
I believe 1099's along with w-2's,must be post marked by 01/31,what is allowable as far as deductions,I thought the IRS and the FTB,required fishing to be a real buisness and not just a hobby,I wonder if any one has been audited ? and what they had to show,to prove it is a legit buisness ?.....
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Re: 1099 TIME AGAIN
Hobby Expenses: You can generally deduct hobby expenses, but only up to the amount of hobby income. A hobby is not a business because it is not carried on to make a profit.
For more information see IRS publication 535, Chapter 1: IRS publication 17, Chapter 12.
The way I am understanding this whole thing is that you can not take deductions unless you have made money and the deductions can not be more than the income.
The bottom line is that you have been 1099'ed because you have made money, and you have had definite expenses associated with that income. You should write those expenses off.
In terms of being audited, unless you really made a crap load of money tournament fishing, I don't think there really isn't anything to worry about.
I think the only red flag that would arise, is if you didn't report the income from the 1099. The IRS expects you to write off the expenses associated with the incomce.
Good luck, I hoped this helped a little.
For more information see IRS publication 535, Chapter 1: IRS publication 17, Chapter 12.
The way I am understanding this whole thing is that you can not take deductions unless you have made money and the deductions can not be more than the income.
The bottom line is that you have been 1099'ed because you have made money, and you have had definite expenses associated with that income. You should write those expenses off.
In terms of being audited, unless you really made a crap load of money tournament fishing, I don't think there really isn't anything to worry about.
I think the only red flag that would arise, is if you didn't report the income from the 1099. The IRS expects you to write off the expenses associated with the incomce.
Good luck, I hoped this helped a little.
Re: 1099 TIME AGAIN
go to the Southwest Forum and go to the second page and find a title that says "tax time"....this was discussed about a week ago or so...some good stuff....I write stuff off, but not much....my tax lady knows what she is doing......I do not say that I'm a "pro"....she puts me down as a "fishing instructor" since I do seminars and tank demos, plus I'm a teacher by career.....
Brent Becker
Sponsors:
www.brentbeckerfishing.com
www.skeeterboats.com
www.basspro.com
www.bassaholics.com
www.maxima-lines.com
Sponsors:
www.brentbeckerfishing.com
www.skeeterboats.com
www.basspro.com
www.bassaholics.com
www.maxima-lines.com
Re: 1099 TIME AGAIN
it is very simple....if you win $600 you can write off up to $600 without any worries. If you get audited, it wont be from this.
The IRS allows for Hobbie deductions when you have profit from that Hobbie.
korny
The IRS allows for Hobbie deductions when you have profit from that Hobbie.
korny
Re: 1099 TIME AGAIN
Did you send them out Korny??
Re: 1099 TIME AGAIN
the law requires all companies to send w-2 and 1099's by jan 31st.. otherwise they face penalties if caught sending out later. if the 31st is on the weekend you have until close of business on the monday following to comply.
ours went out on the 31st.
I know they will be arriving to everyone in the next few days.
now you know why every tournament trail asks for all of your address and SSN info, you winning stud you.
korny
ours went out on the 31st.
I know they will be arriving to everyone in the next few days.
now you know why every tournament trail asks for all of your address and SSN info, you winning stud you.
korny
Hey Mike......
Coming from Grass Valley, it's gonna go to Concord, then Oakland, then back to Concord before hitting Antioch or Oakley. Our mail path SUCKS! Patience buddy, they are coming! LOL
Besides....
who's in a hurry to pay taxes? LOL!
.....NaCl
.....NaCl
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- Moderator
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Re: 1099 TIME AGAIN
Yeah,
I actually got mine yesterday. wishin it was a little slower than that! HAR!
Thanks Korny!
Kopper_Bass
I actually got mine yesterday. wishin it was a little slower than that! HAR!
Thanks Korny!
Kopper_Bass
Nobody remembers who came in 2nd place. Fish Hard - Play Hard!
Re: 1099 TIME AGAIN
Pay??? Last year I got $10k back! That why I want it. I got my Won Bass 1099 today.
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- Joined: Sat May 07, 2005 5:18 pm
- Location: Suisun City
Re: 1099 TIME AGAIN
I've already got mine from Korny............
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