1099 Tip
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
1099 Tip (by Patrick [VA]) Apr 23, 2019 12:08 PM
       1099 Tip (by Barb [MO]) Apr 23, 2019 12:36 PM
       1099 Tip (by S i d [MO]) Apr 23, 2019 1:26 PM
       1099 Tip (by John... [MI]) Apr 23, 2019 1:52 PM
       1099 Tip (by BRAD 20,000 [IN]) Apr 23, 2019 7:34 PM
       1099 Tip (by myob [GA]) Apr 23, 2019 7:38 PM
       1099 Tip (by Marv [IL]) Apr 24, 2019 5:03 AM
       1099 Tip (by WMH [NC]) Apr 24, 2019 5:07 AM
       1099 Tip (by WMH [NC]) Apr 24, 2019 5:10 AM
       1099 Tip (by Still Learning [NH]) Apr 24, 2019 6:25 AM
       1099 Tip (by Still Learning [NH]) Apr 24, 2019 6:27 AM
       1099 Tip (by John... [MI]) Apr 24, 2019 7:04 AM
       1099 Tip (by Landlord ofthe Flies [TX]) Apr 24, 2019 12:00 PM
       1099 Tip (by WMH [NC]) Apr 25, 2019 11:23 AM
       1099 Tip (by Marv [IL]) Apr 26, 2019 6:01 AM
       1099 Tip (by Marv [IL]) Apr 26, 2019 6:02 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

1099 Tip (by Patrick [VA]) Posted on: Apr 23, 2019 12:08 PM
Message:

Here is a tip for those of you that have to use 1099s. Most of you probably know this, but it may be helpful for people like me that didnt.

So my tax preparer firm calls me on the phone and says "hey...do you want us to prepare your 1099s? they cost 150 each and We know you at least have to give us one because your taxes were over 600 last year." So now I know my taxes are going up by at least 150 since they will have to do a 1099.

So I was non-commital and told them I would look to see how many people I paid over 600 last year.

So I called my preparer back, and mentioned the amount of people that I paid greater than 600 to last year and the next question was "how many did you pay with credit card? If you pay by credit card you dont need to give them a 1099. You only need to give them a 1099 if you pay by cash or check."

Well , lucky me, I paid all of them to include my tax preparer by CC. So they will not be getting the 150 fee from me to give themselves a 1099 on my behalf.

I would strongly recommend getting a Credit Card that is only used for your rentals. Pay everything with it to include taxes, insurance, repairs, all of it. Pay it off every month to avoid interest, but even if their is interest paid on it, that can be written off as well. Put any cc interest in the "Other Interest" column on the Schedule E, as long as the card is only used for business expenses.

Then at the end of the year, you will only have 12 monthly statements to look at when doing your taxes. And best of all, no 1099s to deal with! --70.184.xxx.xx




1099 Tip (by Barb [MO]) Posted on: Apr 23, 2019 12:36 PM
Message:

Wow, Patrick,

They wanted $150 per 1099 to send them out? That is robbery!

1099s are simple to prepare and send.

I pay as much as I can with a credit card because it gives me points toward flights and such. Many of my providers don't accept credit cards for free, and charge the 2.75% convenience fee due to the processing costs, so I pay those people with checks. --131.151.xx.xx




1099 Tip (by S i d [MO]) Posted on: Apr 23, 2019 1:26 PM
Message:

My CPA charged me $30 this last year to do two 1099s for me, and that included mailing copies to the recipient and the IRS.

$150 each is robbery! --173.20.xxx.xxx




1099 Tip (by John... [MI]) Posted on: Apr 23, 2019 1:52 PM
Message:

Same here. $30.

Your tax preparer is ripping you off. --96.40.xx.xx




1099 Tip (by BRAD 20,000 [IN]) Posted on: Apr 23, 2019 7:34 PM
Message:

$150?!?!

I pay $10 each which includes forms, mailing, the federal form...done by my tax preparer.

Hereís my tip: use your BUSINESS address, not home. And use an EIN number, NOT your personal SS#.

BRAD --73.102.xxx.xxx




1099 Tip (by myob [GA]) Posted on: Apr 23, 2019 7:38 PM
Message:

I hope to see your next post say "my CPA use to charge 150" my new one does it free.

You will never trust this CPA to be honest again.

The pint of the 1099 is it's issued to those who aren't company's- no business license to operate. --99.103.xxx.xxx




1099 Tip (by Marv [IL]) Posted on: Apr 24, 2019 5:03 AM
Message:

You have the wrong information on credit cards. The way you pay a vendor has nothing to do with sending 1099s. Even if you barter (rent for work) you still have to send 1099's to individuals when you are in business. --173.15.xx.xxx




1099 Tip (by WMH [NC]) Posted on: Apr 24, 2019 5:07 AM
Message:

Here's something to read. I wonder if ZELLE is covered??

w w w .ericnisall.com/accountant-charging-unnecessary-1099-misc/ --50.82.xxx.xx




1099 Tip (by WMH [NC]) Posted on: Apr 24, 2019 5:10 AM
Message:

Oops I finished reading and it is not. But PayPal is. --50.82.xxx.xx




1099 Tip (by Still Learning [NH]) Posted on: Apr 24, 2019 6:25 AM
Message:

MYOB, I would have to go back and read but there is something about credit cards because I didnít have to 1099 him because I paid with a credit card. Canít remember if it was specific to lawyers or all. --24.61.xxx.xx




1099 Tip (by Still Learning [NH]) Posted on: Apr 24, 2019 6:27 AM
Message:

Ignore above comment, hit submit before checking --24.61.xxx.xx




1099 Tip (by John... [MI]) Posted on: Apr 24, 2019 7:04 AM
Message:

Marv: I think you may be mistaken on this. Some quick searching makes it looks like this changed in 2011 -- and now you don't have to send a 1099-MISC to someone that you paid with a credit card. There were lots of references out there, but here's one that came up:

smallbiztrends.com/2015/01/1099-contractors-paypal-credit-card.html

It's because the credit card companies (and PayPal) have to do a 1099-K now. So, the idea is that that income will be reported that way instead of the payee doing a 1099-MISC.

- John...

--24.180.xxx.xxx




1099 Tip (by Landlord ofthe Flies [TX]) Posted on: Apr 24, 2019 12:00 PM
Message:

$150 per 1099? Wow, at that rate, you'll need to send your accountant a 1099. Will they charge you $150 for that one too? --108.69.xxx.xxx




1099 Tip (by WMH [NC]) Posted on: Apr 25, 2019 11:23 AM
Message:

I pay $12.95 for the first one and $2.95 for each subsequent one filed online through Intuit. They save my contractor info year to year so less and less work each year. --50.82.xxx.xx




1099 Tip (by Marv [IL]) Posted on: Apr 26, 2019 6:01 AM
Message:

There is lots of information on this but no guidance from IRS.gov. I'm not convinced. --173.15.xx.xxx




1099 Tip (by Marv [IL]) Posted on: Apr 26, 2019 6:02 AM
Message:

I see another never ending argument on the horizon. --173.15.xx.xxx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: 1099 Tip
Your Name:
Your State:

Message:
1099 Tip
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: