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LEXpert संयुक्त राज्य अमरीका Local time: 23:51 सदस्य (2008) क्रोशियाई से अंग्रेजी + ...
No 1099, no worries. Report the income anyway
Jan 20, 2014
SEA-words wrote:
What should I do if my client refuses to provide Form 1099?
Step 1. Relax. The IRS doesn't care whether you receive the 1099 or not.
Step 2. Come tax time, you report the income as you normally would.
As long as you've reported the income, you won't have any problems.
OTOH, if you *did* receive a 1099 and didn't report the income, that might be another matter.
Paul Rankin wrote:
Do you use your personal bank account or a business account for payments? If you are only using your personal account, have you ever run into problems with this regarding tax issues?
Thanks again
A business account is optional for a sole proprietorship. There are no tax drawbacks relating to using a personal account, but a separate account may make bookkeeping easier for you and/or your accountant.
Business accounts are required for corporations.
[Edited at 2014-01-20 03:50 GMT]
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