do you have to pay taxes on a 1099-s
do you have to pay taxes on a 1099-s
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do you have to pay taxes on a 1099-s

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Thank you for joining us for our financial edge tax season video series my name is Justin Davidson and today we're going to walk through how to file your 1099s through financial edge using Atrix if you have not already done so please log in to the financial edge as a supervisor user for those to be familiar with the tonight line process from last year we are using the Atrix service again in order to e-file or print your 1099 for those of you may be new to the financial edge this year we'll walk through the process of installing and setting up Atrix this process is assuming that your 1099 information is already correct in the system there's a number of ways to check that prior to actually creating your forms we have queries and various reports you can run to see what your tonight nine numbers currently are and we have multiple different ways to adjust those numbers as needed if you look at our blog and community we have many of our common knowledge bases to go through those different steps so before proceeding I strongly recommend you run some of these reports and queries and verify your time data is correct once you're ready we'll go ahead and go into mail in the accounts payable module we'll click on forms for those of you that already have hrs installed from previous years or if you use it our payroll module you likely are not seeing this message and your screen has already advanced that's fine for those of you that do see this message that means you have not installed Atrix on this computer and you can simply hit no and it will take you to our form screen everyone should see the same screen and when you do you want to click on $2.99 forms just give it a double click now it's going to ask you what you want to generate $2.99 s4 by default it's going to say this calendar year now this will vary depending on when you're looking remember if this is January 2016 then this calendar year is going to be 2016 and you're trying to file your $2.99 s4 the previous year so just to keep from getting too confused with this I highly recommend you simply pick the year from the drop down rather than worry about this year last year so for example I'll just pick 2015 if it's applicable you can do a corrected return you can also include activity below the minimums if needed the only information you have to fill out here is a name and a phone number you can choose to use filters these are entirely optional and once you're ready go ahead and click display report this is actually launching the Atrix software if you have not installed Atrix previously which i have not on this machine then you will see this message indicating if you want to install

FAQ

Why isn't there a place where you can check all the 1099's you are responsiblefor paying taxes on?
The place where you check the 1099s you are responsible for is your own setof records on the income that you earn not what gets reported to the IRS. A 1099 is an information return. It is not required in all cases when incomeis earned. If you are operating as a corporation you wont get a 1099. If theamount of income you receive for services performed is less than 600 youwont get a 1099. But you are still responsible for reporting and paying taxeson that income even if you dont get a 1099. Furthermore 1099s can be wrong or inaccurate they can and often do includeincome that you dont receive in the same tax year in which you performservices. If you dont have your own set of records on the income that youreceive how will you know whether the 1099 you receive is accurate I cant stress this enough to small business owners and operators and yesthat includes those of you who are paid on a 1099. Keep your own set ofrecords The only way that you can guarantee that your income is reportedaccurately to the IRS is if you do it. As for the actual question asked the reason the IRS doesnt make all ofthese records available in one place is that by law see 26 U.S. Code § 6103 Confidentiality and disclosure of returns and return information the IRSis prohibited from disclosing any return or return information that theyreceive in most circumstances and the IRS cannot do so except underextremely limited circumstances unless a taxpayer initiates a request toreceive such information or consents in writing to allow someone else toreceive the information.
What is the proper procedure for paying yourself as the owner of a NevadaS-Corp with a client in California while living in Texas? Is it wrong tobelieve I could pay myself via 1099-MISC and make quarterly tax deposits undermy SSN (not my EIN)?
No you cannot pay yourself as a 1099 independent contractor from your S Corp.You are required to pay yourself W2 wages from your S Corp. Here is what iswrong with your set up.You have a Nevada S Corpso the entity is presumably registered in Nevadaneed to file a Nevada franchise tax return. Good news is Nevada does not havea state income tax.You the shareholder and employee of the S Corp are located in Texas. Your SCorp needs to register as a foreign entity with the state of Texas and payTexas unemployment tax on your wages. More good newsTexas also has no stateincome tax and unless your gross revenue is more than 1M there is nofranchise tax due but you do have to register with Texas and file an annualfranchise return with the state.Your S Corp has a client in Californiaif that client represents more than500K in gross revenue or more than 25 of the S Corp’s revenue then you needto also register the Nevada S Corp as a foreign entity with the state ofCalifornia. Bad newsCalifornia does have a state income tax and an annualincome tax on S Corp earnings plus a minimum annual franchise fee of 800.I suggest you talk to a US tax professional and get you and your S Corp incompliance.
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