Results 1 to 4 of 4

Hybrid View

  1. #1
    Join Date
    Mar 2010
    Posts
    18

    Default Re: Should 1099 Box 7 Include Fees Deducted by the Payor for Payment Processing

    Quote Quoting Bubba Jimmy
    View Post
    If they were compensating you for something you did for them (posting links for their company) and you are not their employee, then what you received was non-employee compensation. If you had expenses, such as the 3% fee, then deduct them on your Schedule C along with any other expenses you incurred to make this money.
    Thanks for replying. I don't want to raise any red flags with the IRS, so I'm not sure if I'll take the 3% deduction for the bank fee.

  2. #2
    Join Date
    Sep 2012
    Posts
    1,991

    Default Re: Should 1099 Box 7 Include Fees Deducted by the Payor for Payment Processing

    there is no reason that should raise any red flags. bona fide business expenses can and should be deducted, why pay income tax on income that wasn't really income because it was spent on earning that income?

    1. Sponsored Links
       

Similar Threads

  1. Eviction Notices: Can a Landlord Include Late Fees in the Eviction Notice
    By mrubiquitous in forum Landlord-Tenant Law
    Replies: 4
    Last Post: 02-20-2012, 05:56 AM
  2. Federal Taxes: Do I Include Amount of 1099-C (S) As a Liability on Form 982
    By Perther in forum Tax Law
    Replies: 2
    Last Post: 08-23-2011, 01:31 PM
  3. Eviction Process: Tenant Deducted Repair Cost From Her Rent Payment
    By jarno in forum Landlord-Tenant Law
    Replies: 4
    Last Post: 12-08-2009, 10:57 PM
  4. Health Insurance: Dental Insurance Payment Deducted But Denied Coverage For Treatment
    By JustAskingToo in forum Insurance Law
    Replies: 5
    Last Post: 03-15-2008, 04:31 PM
  5. H Visas: H1 B Visa Processing Fees Query
    By cool_techie in forum Visas for Business, Tourism and Family
    Replies: 1
    Last Post: 12-04-2007, 08:19 AM
 
 
Sponsored Links

Legal Help, Information and Resources