 Do you have to pay council tax if you are living on your own and under 18? |
Hi
Do you have to pay council tax if you live on your own and are under 18? Or is it only single persons discount you can apply for?
T... |
|
 What is income tax used to pay for(UK)? |
I understand that NI tax is used for the NHS and Welfare when u become unemployed or sick.
council tax is used for schools, home helps(this should be under NI as it is health related), refuse ... |
|
 If my grandmother gives my dad $10,000 as a gift each month, what will my dad have to pay in taxes? |
| My grandmother has recently discovered gas on her property, and is generously dividing her monthly EOG checks between her children. Each month, she is giving my dad (and each sibling) about $10,000. ... |
|
 Do i have to pay tax if i just want to sell a couple of things for profit on ebay? |
Ok, so i've bought some stuff which i thought was an absolute bargain and i want to sell it on to make a bit of profit. Do i have to pay tax on the profit i make?
This is just a one-off ... |
|
 What is the best software to do others taxes? |
| I recently received my tax preparation certification and I was wondering is there any software in particular that would be a good ideal to do other's taxes. In the past for friends and family, I ... |
|
 If my partner goes to work? |
and earns £680.00 per month and our rent is £290.00 per month plus council tax and we have a child id stay at home how much working tax credit and housing benefit could we get
Additional D... |
|
 Will the irs withold a percentage of stimulus payment for back taxes, or will they keep the entire rebate? |
| I was told that the irs will only keep a certain percentage of my rebate due to a 2006 tax obligation.... |
|
 If I filed my taxes- and claimed myself- what effect will this have on my parents return? |
| For the past 21 years my Dad has always claimed me...I always e-file, (for the past 4 years) but never checked the box to claim myself- this year, I don't know if I missed it- but I filed ... |
|
 Are UK parking tickets tax deductible? |
Additional Details
Sorry, I should have been more precise. I was talking about tickets incurred by a company's delivery fleet.... |
|
 Should females pay more tax than men? |
When they are single their boy friend buys the drink and picks up the tab.
Girls are not required or expected to buy expensive items like houses and cars whereas men are required to do so (... |
|
 I just got a 1099 form and it says $6523.50 under Nonemployee compensation? |
This one of my partime jobs that I get checks without taxes,
I've never done a 1099 before, How much taxes am I looking at paying? I read some of the other answers, some said it'... |
|
 Do strippers have to pay taxes? |
| My friend was a stripper and she never did her income taxes, does she have to?... |
|
 Will i receive a relief check if i did not make 3000 dollars last year? |
| I was away for the majority of the year in some legal trouble to say the least but i did file taxes for the little amount i earned in say a month or so of work. Will i get a check or no?... |
|
 Turbo tax direct deposit.......say it ain't so...........!? |
| I did my 2007 taxes thru turbo tax and e-filed. I had my fees deducted from my refund and then the rest was direct deposited into my bank account. I am hearing that if you did your taxes this way,... |
|
 Overpaid at work and now work wants to be repaid for their mistake? |
| I've been working at an electrical company in Texas as an apprentice for a little over a year now. The company I work for pays apprentices based on the scale of the job. I was working on a job ... |
|
 It's Tax time...who claims our daughter...? |
My ex and I have 50-50 custody of our daughter.
I have my own apartment, pay all the bills, food, and my daughters pre-school.
My ex lives at home with her mother and only ... |
|
|  |
scanjet | I did a small amount of computer work for someone and that totalled $650. He mailed me a 1099-MISC!!!!!? |
Anyway the work was done between 05 and 06. It was such a small amount in 05 that I didn't even report it that year. Federal taxes were never taken out of it either. It was paid out with check though his bank. This person is a small 3 man company. He totalled the 1099-MISC and issued it for 06 instead of issuing one in 05 and another in 06. The problem is that In 05 I also made around 24K and my tax liability was soooo low. In 06 I made around 50. When I entered that 1099-MISC in it knocks off $200.00 off of my refund. Could I use my bank statements as proof that It was part of the year. Do I have to report this 1099-MISC. |
 |
 
slhecker
|
He should only have sent you a 1099 for the money paid to you in 2006, and only if that was in excess of $600. If you, for example, were paid $250 in 2005 and $400 in 2006, he was not required to send you a 1099 for either year.
However, it is still taxable income to you, plus if you earn over $400 from "self employment" in any tax year, you are liable for self employment tax.
I would definitely get the 2006 1099 corrected to show only the income you received from him in 2006. If you don't, the IRS is going to expect you to report it all in 2006 since that's what the 1099 was for, and then talk to a tax professional about how to handle reporting the income. |
|
legally blonde
|
First, you need to get a hold of the 1099 issuer. If he's lumped 05 and '06 figures together, then he's in the wrong and he needs to fix it NOW. If he has not mailed his copy of the 1099 to the IRS, then everything should be easy to fix.
He needs to issue a 1099 to you only if the amount that he paid you IN 2006 is $600 or over. If that amount is $599 or less, then no 1099 is necessary.
Now, if he has already mailed his copy of the 1099 to the IRS then you'll need to request that he issue an AMENDED 1099 to you and the IRS, indicating the true 2006 figures.
Good luck! |
|
jonmm
|
You must receive a 1099 if you received $650 for this work and he is claiming it as a business expense. You have 2 options - include the income on your 2006 taxes and pay the taxes now, or split it between 05 and 06 and pay the taxes for each tax year. You'll have to file an ammended return for 05 with a note explaining why this happened. This opens you up to a lot of IRS scrutiny, so you probably don't want to do this ammended return if you don't have to. They'll want to know why you forgot this income last year. |
|
Judy1
 |
Call the person you did the work for, and let him know he needs to reissue the 1099 as two forms for the two years, for whatever he paid you in each year.
Then you'll have to go back and amend your 2005 return to show the income you got then. You'll owe interest on the unpaid taxes from then.
If the amount that was actually paid in 2005 was very low as you seem to indicate, you might be ahead to just claim the 1099 that was sent to you - it might not make much difference.
Strictly speaking, you should split it into the proper year. But it might end up costing you. You'll pay the self-employment tax either way, and the interest on the unpaid amount from 2005, plus the extra taxes then, might add up to as much or more than you'll save on 2006.
Without numbers on the amounts for the two years for the 1099, it's a little hard to tell. |
|
bostonianinmo
|
When were you actually paid? That's what matters. If he paid you in 06, the income to you is taxed in 06. It does not matter when the work was done.
Since they paid you more than $599, you were properly sent a Form 1099 for the amounts that they paid you.
Unless you can prove that you were actually paid part of the money in 2005 and part in 2006 AND get them to send you corrected Forms 1099 you'll have to claim this income on your 2006 returns.
YES, you MUST report this income. It's already been reported to the IRS and if you don't, you'll be hearing from them.
You must also file Schedule SE and pay the Self Employment tax on that amount. The SE tax is a flat 15.3%. If you have legitimate business expense deductions from that you can file Schedule C to take those expenses. The SE tax will be on the net profit after expenses. |
|
plum_oasis
 |
I would go to the issuer of the 1099 and explain that it is illegal for him to "lump" the income together from different years. Also anything made under $600 is not reportable. Make them send an amended 1099. Make sure you keep COPIES! |
|
Road Warrior
 |
You do have to report it, as it has already been reported to the IRS.
I would ask the person to issue a CORRECTED 1099, correctly reflecting the amounts between 05 adn 06. If he refuses, then you may want to contact the IRS and find out the procedure for filing with an incorrect 1099. Be sure to let them know that you can prove that the amount covers 2 years and that you received it over the course of 2 years. If you received the entire payment in one year, then it is taxable in the year of receipt, as a cash basis taxpayer. |
|
redslippers
 |
I received a "gift" from a company in 2005 that was about $800 and they sent me a 1099-MISC. My accountant said if it was ever picked up by the IRS you can be audited. I suggest you claim it and move on. It sucks but it's not worth the hassle.
Death and taxes dude..... inevitable. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 5 minutes(s) ago
| | | |
8 | 32 minutes(s) ago
| | | |
8 | 40 minutes(s) ago
| | | |
8 | 42 minutes(s) ago
| | | |
8 | 44 minutes(s) ago
| | | |
8 | 45 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 6 hour(s) ago
| | | |
8 | 8 hour(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
