Hi, I have a 1099 question for all you tax experts -
I am an independent contractor, and I get paid for travel mileage and a per diem travel rate, should that amount be included in my 1099? I just assumed it would be, and I would report travel and hotel as an expense and it would be a wash.
Occasionally I used to get separate reimbursment checks from contractees, but I think it's most proper for all payment to a contractor to go on the 1099, and then yes, you will calculate out your expenses on your Sch C to avoid being taxed for deductible reimbursment payments.
wesleman
Senior Member
posted: Sep. 4, 2009 @ 1:38p
Some companies include reimbursement as part of 1099-MISC but some don't. So you are correct IF the issuing companies include reimbursement in their 1099-MISC to you, then you deduct the reimbursement as an expense, i.e., a wash.
However, if they exclude the reimbursement, you cannot deduct it.
luvdoublebrats said: Hi, I have a 1099 question for all you tax experts -
I am an independent contractor, and I get paid for travel mileage and a per diem travel rate, should that amount be included in my 1099? I just assumed it would be, and I would report travel and hotel as an expense and it would be a wash.
Thanks in advance for your help
jhburgess
Senior Member
posted: Sep. 5, 2009 @ 8:30a
Even if the company does not include the expense reimbursement in your 1099, you may want to add the expense reimbursement to your Schedule C as non-1099 receipts, and then deduct your allowable expenses. For example, if the company gives a mileage rate less than allowed by IRS, or you deduct actual auto expenses but receive cents-per-mile, or pays you less for meals when away on over-night travel than the IRS per diem allowance.
okaythen
Member
posted: Nov. 10, 2009 @ 1:53p
hi guys recently I was asked for consent to the receipt of my 1099-INT electronically, from one of the online savings account....other than convenience if there any reason not to do it by electronically?
No, but make sure you have a hard copy of it in your tax file, since many times those 1099's are deleted when the next tax year rolls around.
Xnarg
Senior Member - 5K
posted: Nov. 11, 2009 @ 8:15a
calwatch said: No, but make sure you have a hard copy of it in your tax file, since many times those 1099's are deleted when the next tax year rolls around....or keep an electronic copy on your system and as part of the data you backup.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
