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  1. #1
    Moderator leeann's Avatar
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    Dreaded Tax Questions
    I'm having my taxes done tomorrow and I'm about to ask some really stupid questions

    1. Does anyone know if the 1099 amount reported by Linkshare and the rest include the amount paid out by all the merchants or is it just the amount paid out by Linkshare?

    Like for example...I get individual checks from some of the Linkshare merchants plus a Linkshare check with the bulk of several merchants. Does the Linkshare 1099 include the amount shown as paid from all merchants or just what Linkshare has paid out (which means I'd have to add up all the individual checks to include in my reported income)?

    2. You are only required to report what you've been paid in 2005, right & not what was reported...since we all know you never get all that is reported?

    3. If you opt for gift certificates instead of being paid a check, do you have to report the gift certificates if you haven't spent them yet?

    4. Did anyone receive a 1099 from BFast?

    Thanks!
    leeann


    Shoppers determine what has value and they like coupons. Stop manipulating who set the cookie just because you do not like coupon and promotional sites.

  2. #2
    Advocate mellie's Avatar
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    Probably no stupid questions when it comes to taxes. I believe the answer to number 2 is yes only include the payments issued, payments that were not yet issued probably aren't counted; (Unless they are a business loss).

    Since the gift certificates are in lieu of payment and were issued to you I do believe that should be included in 2005. I am sure others here can jump in with more sage advice. I also think I recall a good thread in the past about taxes somewhere in this forum. I still have to do my taxes. Had a very complicated year with inheritance, house sale, business...

  3. #3
    Moderator MichaelColey's Avatar
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    Quote Originally Posted by leeann
    1. Does anyone know if the 1099 amount reported by Linkshare and the rest include the amount paid out by all the merchants or is it just the amount paid out by Linkshare?

    Like for example...I get individual checks from some of the Linkshare merchants plus a Linkshare check with the bulk of several merchants. Does the Linkshare 1099 include the amount shown as paid from all merchants or just what Linkshare has paid out (which means I'd have to add up all the individual checks to include in my reported income)?
    It only includes amounts LinkShare paid to you. Merchants who pay directly should send their own 1099s if they paid you over $600.

    Quote Originally Posted by leeann
    2. You are only required to report what you've been paid in 2005, right & not what was reported...since we all know you never get all that is reported?
    It depends on your business type and accounting method. If you're a sole proprietor (Schedule C) and have elected to use Cash Basis accounting, you're only required to pay taxes on what you receive. Almost every other business type pays on an accrual basis (i.e. you own taxes when you earn it, not when you get it).

    Quote Originally Posted by leeann
    3. If you opt for gift certificates instead of being paid a check, do you have to report the gift certificates if you haven't spent them yet?
    When you get them.

    Quote Originally Posted by leeann
    4. Did anyone receive a 1099 from BFast?
    BeFree merchants are supposed to send out 1099s separately. Many don't realize that and think BeFree does it. They don't.
    Michael Coley
    Amazing-Bargains.com
     Affiliate Tips | Merchant Best Practices | Affiliate Friendly? | Couponing | CPA Networks? | ABW Tips | Activating Affiliates
    "Education is the most powerful weapon which you can use to change the world." Nelson Mandela

  4. #4
    Moderator leeann's Avatar
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    >>It only includes amounts LinkShare paid to you. Merchants who pay directly should send their own 1099s if they paid you over $600.<<
    Hmm.. Do you have to report earnings you do not have a 1099 for because you made less than $600 from them?

    Also...for unpaid comm.. those you've written off as in..you'll never see the money... do you deduct them as a business loss?

    Thanks!
    leeann


    Shoppers determine what has value and they like coupons. Stop manipulating who set the cookie just because you do not like coupon and promotional sites.

  5. #5
    Moderator MichaelColey's Avatar
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    Quote Originally Posted by leeann
    Hmm.. Do you have to report earnings you do not have a 1099 for because you made less than $600 from them?
    Yes, you owe taxes on everything you earn, whether it's reported or not.

    Quote Originally Posted by leeann
    Also...for unpaid comm.. those you've written off as in..you'll never see the money... do you deduct them as a business loss?
    You can only deduct them if you claimed them as income. If you're doing cash basis accounting, you never counted them as income so you can't count them as expenses.
    Michael Coley
    Amazing-Bargains.com
     Affiliate Tips | Merchant Best Practices | Affiliate Friendly? | Couponing | CPA Networks? | ABW Tips | Activating Affiliates
    "Education is the most powerful weapon which you can use to change the world." Nelson Mandela

  6. #6
    Full Member Zdig's Avatar
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    Quote Originally Posted by MichaelColey
    Yes, you owe taxes on everything you earn, whether it's reported or not.
    if you made under $600 and did not get a 1099 you still have to report it. if you deposited the check into your bank account, the IRS could find about it in the event of an audit.

  7. #7
    MasterMike HardwareGeek's Avatar
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    Man don't mean to steal the topic but Vibrantmedia hasn't sent me a 1099 and I was paid a shit load of cash by them.

    Had to call the IRS to file a complaint and get some R45 form or something like that. Now I am just waiting to recieve it.

  8. #8
    AM Navigator Geno Prussakov's Avatar
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    Quote Originally Posted by Zdig
    if you made under $600 and did not get a 1099 you still have to report it. if you deposited the check into your bank account, the IRS could find about it...
    Exactly.

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