Instruction Schedule 2011: Fill & Download for Free

First of all, you don't need a W-9 from someone for whom you are working as an independent contractor; it's the other way around. You must provide a W-9 to anyone from whom you are receiving income that must be reported to the IRS on an information return. See Instructions for the Requester of Form W-9 (01/2011).Payments of $600 or more made to an independent contractor for services provided in the course of a trade or business are reported to the contractor on Form 1099-MISC. If you're not performing your side job for someone conducting a trade or business they generally don't have to give you a 1099-MISC; see the Instructions for Form 1099-MISC (2013). That does not mean that you don't have to report the income you receive - you are still receiving it as compensation for services rendered.You report the income from the side jobs you perform on Schedule C. On Line 11 of Schedule C you can deduct the amounts that you pay to your contract labor. Note that you will have to receive a W-9 from your contractors, and provide them with Form 1099-MISC, if you pay any one of them $600 or more.Your state may require you to register with the state and pay other fees for licensing, etc., if you are conducting a trade or business within that state. The definition of "conducting business" can be a bit tricky; you might want to consult with a lawyer who specializes in working with small businesses.

This is very common, completely normal. At its earliest, the rules for filing taxes are published a few weeks before the end of the year. This isn’t a Trump thing, at all.So two things. To be clear, tax battles being reported in the news are always about next year’s taxes. People on the street never ever get that part.Second, the specifics of how the IRS will implement those policy decisions aren’t always codified and published until the current year.So the main, non-specialized IRS instruction manual for personal tax filings is called “publication 17.”2018’s was released January 30, 20192017 was December 122016 was Dec 272015 was Dec 242014 was February 62013 was November 262012 was Jan 312011 was Dec 212010 was Dec 82009 was November 242008 was February 12Rulesets for specialized forms may come out later, but Pub 17 is the one that affects everyone so it’s the go-to here. But despite its ridiculousness, to be fair there isn’t really anything major or strategy-level that we don’t know a long time in advance.

Wow, this could be a book. Where to start?The 1099-K shows your gross payments from PayPal by design. You won't actually be taxed on your gross income, because you are entitled to deductions against that income for your expenses in generating that income, but PayPal's instructions from the IRS are to report gross amount of all reportable transactions. See Instructions for Form1099-K (2011). The IRS will expect to see that income reported on the return with the tax ID number of the individual(s) to whom the 1099-K was sent.If you had income in 2012, because you are not yet organized as a business entity, that income will be reported on Schedule C on each of your tax returns, and each of you will take your own expenses against that income. This is where you need a professional who has knowledge of your situation to go over your finances for the business in detail; I wouldn't delay in finding someone. You don't necessarily need a CPA just for taxes - there are many qualified people who specialize in tax preparation for small business who are not CPAs. Check out all avenues - get referrals from your local CPA society and also your local chapter of the National Association for Tax Preparers (NATP), and also talk to people in your area who run small businesses and find out who they use. Don't be afraid to shop around. This is like finding a plumber or an electrician; you want someone who is qualified to do the job and on whom you can call whenever you have a problem that requires his expertise. Take your list of questions and concerns with you, schedule an appointment and make it clear that you are not looking just for someone who can prepare your taxes but someone who can give you advice and guidance on getting your business properly set up.You do have to make sure that all of the income on the 1099-K is properly reported. The IRS has a computer matching program where they match the payee ID on Form 1099s with the return from that individual, and if the income isn't there they will flag your return for review. I don't know whether PayPal is reporting all of the income to one payee or not; if there is only one person getting a 1099-K then you will need to discuss how it's handled with the preparer. It does not matter that none of the income was removed from the business; if you have net income it will be taxed.The default treatment of a multi-member LLC is a partnership, not "each person filing personally their percentage of the business". If you don't choose to be treated as an S-corporation, you will have to file a partnership return where all of the income and deductions are reported, and then each member of the LLC will receive a Schedule K-1 which shows his proportionate share of the net income from the business to be reported on the return. The same thing happens if you choose the S-corporation route. What's best for you depends on your overall business picture, and again you need someone you hire that is close to the situation to advise you on that.One other misconception that I will correct - neither partnerships nor S-corporations are taxed at the business level. Both are pass-through entities, and the income flows through to the individual partners/shareholders and is taxed at their individual rates.Good luck to you!