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Video instructions and help with filling out and completing how do i report a 1099-s on my tax return
Coming like nothing you have ever seen and not a one of you is boy as a business individual are you engaged in a trade or business well if you're like most others you're going to quickly say yes however your particular enterprise is not likely to be the trader business defined in the tax code moreover you may be working for yourself but you're probably not self-employed I'm going to break down the common word use so you can see the deception is going on in code under our 26 us code which is the section subsection 1402 and the definitions part a ed earnings from self-employment the term net earnings from self-employment means the gross income derived by an individual from any trade or business carried on by such individual less the deductions allowed by the subtitle which are attributable to such trade or business so let's treat a business well if you go definition Section 7701 the 26 definition is trade or business it says the term trade or business includes the performance of the function of a public office okay includes the performance of a function of a public office according to CFR 27 72 0.11 the term includes including do not exclude things not enumerated which are in the same general class so it does not exclude anything in the same class therefore when it says includes performance of the function of a public office it must be the same like class does when we read that the term trader business includes the conduct of the function of a public office we know that the proper legal meaning of a public office has to do with official federal entity of some sort that has the very same terrific's we cannot guess that it may mean something else of our own choosing public office has no specific coded meaning so we go to the common law meaning which is power to exercise some portion of sovereign function of government it is clear that the public office defined in the federal tax code is directly connected to a federal government function it most certainly is not related to private enterprise as that we would be outside of that class from the corresponding Treasury regulations we see a trade or business is further explained in subsection 6041 that's what it says information at source payment at 600 or more all persons engaged in a trader businesses and making payments in the course of such trade or business to another person shall render a true and accurate return so to summarize so far we have self-employment which means trader business which means the function of a public office okay so what the 1099 forms you got things like 1099 miscellaneous which has wording like you know report on Form finding I misplace only when payments are made in the course of your trader business there's the 1099 interest form it says report interest payments made in the course