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PDF Editor FAQ

What can you write off on 1099 taxes?

IRS Publication 17, http://www.irs.gov/pub/irs-pdf/p17.pdf, tells you everything that you'd ever want to know about the deductions and credits that are available to the US taxpayer.Writeoffs fall into several different categories:1. so-called "above the line" deductions, available to everybody regardless of whether or not they itemize. These appear on lines 23-36 of Form 1040 (see http://www.irs.gov/pub/irs-pdf/f1040.pdf), and include such things as qualifying educator expenses, contributions to an IRA, moving expenses, and student loan interest.2. itemized deductions, which are taken on Schedule A (see http://www.irs.gov/pub/irs-pdf/f1040sa.pdf) when they exceed the standard deduction, or when married filing separately and the spouse also itemizes. These include medical expenses exceeding 7.5% of adjusted gross income, state and local taxes paid, qualifying mortgage interest, investment interest, charitable contributions, casualty and theft losses, job hunting expenses and other miscellaneous deductions (including tax prep fees!) in excess of 2% of adjusted gross income, and other miscellaneous deductions that you can take regardless of income.3. tax credits. These reduce your tax directly, rather than being written off against your income. Some of these are nonrefundable (which means you don't get them if you have no tax liability), including credit for child and dependent care expenses, the Lifetime Learning credit, credit for retirement savings (the so-called "saver's credit" available to low-income earners with contributions to an IRS or 401k), and credit for energy-efficient improvements to your primary residence. Others are refundable, such as the Earned Income Tax Credit and the Making Work Pay credit, which means you get it whether you have any tax liability or not. Some are both - the American Opportunity Credit, which is an education credit available to certain college students, has a nonrefundable and a refundable component, as does the child tax credit.There may also be additional writeoffs available on your state taxes; for example, in North Carolina unpaid volunteer firefighters and rescue squad workers are entitled to a deduction of $250 if they spent a minimum amount of time in training during the year, and you are also allowed a deduction for contributions to a North Carolina 529 plan. Check with a tax professional in your local area or visit your state's Web site; most if not all have state tax information online.EDIT: The title of the question was changed since I wrote the answer three years ago, so I am editing my answer to extend it to the title change.There is no such thing as a "1099 tax" - just as there is no such thing as "being paid on a 1099" or "being paid on a W-2" for that matter. There are a variety of Forms 1099, and they are information returns that a payor submits to the IRS to report certain types of payments, with a copy provided to the payee. For example, interest paid on a financial account is reported by the financial institution to the account owner on Form 1099-INT - but whether and to what extent that interest is taxable depends on the type of interest income that is being reported. Similar, dividend payments are reported on Form 1099-DIV - but the tax treatment of that income depends on the type of dividend income that is reported.And certain types of miscellaneous payments - including payments to nonemployees for services rendered to a business - are reported by the business on Form 1099-MISC. The tax treatment of income reported on Form 1099-MISC depends on the type of income that is being reported on the form (which is used for many other types of payments besides compensation to nonemployees for services rendered).When people talk about "1099 tax" and "being paid on a 1099", they are talking about a very specific type of income - nonemployee compensation that is often (but not always required to be) reported in Box 7 of Form 1099-MISC. My answer here is limited to that specific reporting combination and should not be taken as applicable to any other income reported on Form 1099-MISC, or to any other income reported on any other Form 1099.Nonemployee compensation reported in Box 7 of Form 1099-MISC is treated as self-employment income by the recipient. It should be reported on Schedule C (Form 1040), Profit or Loss From Business, along with all other income from the same trade or business that is not reported on a Form 1099-MISC. Against that income, the recipient can deduct expenses that arise in the course of conducting that trade or business and that directly relate to the generation of that income; see Deducting Business Expenses and IRS Publication 535 (2012), Business Expenses for a fuller discussion.

Can someone give advice to a new young business owner about LLC formation and taxes?

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!

What are the most common ways that criminals screw the IRS?

From IRS Files:Criminal InvestigationMinnesota Chiropractor Sentenced For Tax EvasionOn April 19, 2017, in Minneapolis, Minnesota, Donald Gibson was sentenced to 33 months in prison for tax evasion and for presenting a fake financial instrument to the U.S. Department of Treasury. Gibson failed to file his 2004 through 2014 individual income tax returns and attempted to evade his income tax liabilities for these years by diverting money to a warehouse bank called MYICIS, cashing over $800,000 in business checks at a check-cashing facility and submitting fake money orders and bogus financial instruments to the IRS. Gibson also formed Sovereign Christian Mission (SCM), a purported religious organization, as a way to further hide his chiropractic income and pay for his personal expenses. Gibson used SCM to pay for his groceries, entertainment, dinners, and car repairs. While the IRS was auditing his tax returns and later during the criminal investigation, Gibson presented a fake financial instrument purporting to be worth $300 million to the IRS and claimed that it paid off his income tax liabilities.Louisiana Criminal Defense Attorney Sentenced for Tax EvasionOn April 19, 2017, in Baton Rouge, Louisiana, Michael Thiel, of Baton Rouge, was sentenced to 30 months in prison for tax evasion, two years of supervised release and ordered to pay $998,352 in restitution to the IRS. Thiel operated a criminal defense practice in Hammond and, from 2003 through 2013, did not file income or employment tax returns and didn’t pay taxes he owed. Thiel concealed his income and assets creating three trust and nominees. Thiel used these three trusts to evade the payment of federal income and employment taxes. In January 2007, Thiel used nominees to purchase his primary residence for $435,000 and entered into a phony lease agreement with the nominees to conceal his ownership of the property and shield it from IRS collection efforts. Between January 2007 and January 2014, Thiel deposited $416,283 into the nominee account that was used to secure and pay the mortgage on the property.Former Company President Sentenced for Wire Fraud and Income Tax EvasionOn December 29, 2016, in Rockford, Illinois, Christopher A. Jansen, of St. Charles, was sentenced to 70 months in prison, three years of supervised release, and ordered to pay $269,978 in restitution. Jansen was President of Baytree Investors Inc., an Illinois corporation engaged in acquiring trucking companies. In 2001 Jansen learned DFC Transportation was for sale, created a Delaware corporation, DFCTC Holding Inc., and arranged for DFCTC to purchase DFC with money Jansen borrowed using DFC receivables as collateral. Jansen arranged for other individuals to be the owners of DFCTC, some of whom were previous investors in failed Baytree business acquisitions. With appointment or authority, Jansen represented to others that he was the corporate secretary and controlled both DFCTC and DFC to avoid having shareholder or director meetings. Jansen then arranged for DFC to use its receivables to borrow from a bank and, without authorization, ordered employees to transfer money from DFC to DFCTC. Jansen then distributed the money to himself and others for their personal use and benefit. In addition, in 2002 Jansen used a bank account in the name of a dissolved corporation to receive his income and disburse his expenditures. He intentionally failed to have the dissolved corporation file informational forms with the IRS for taxable income distributed to him from the account. Jansen also failed to have Baytree and DFCTC file informational forms with the IRS regarding distributions of taxable income to him. In addition, Jansen did not have a bank account in his name in order to avoid reporting any income to the IRS.Virginia Resident Sentenced for Fraudulent “Savvy Bag” Investment SchemeOn December19, 2016, in Alexandria, Virginia, Patricia Means of Richmond, was sentenced to 60 months in prison, three years of supervised release and ordered to pay restitution of $1,136,862, including $201,065 to the IRS for defrauding investors. Means was a licensed investment broker from 1983 until prior to moving to Virginia in 2006. Around February 2009, Means developed a scheme to defraud investors by creating a product called “Savvy Bag,” a purported handbag organizer and solicited investments in the product. Between 2009 and 2014, Means obtained over $1.1 million from victims and spent less than $3,000 to develop, produce or sell the product. In addition, between 2010 and 2014, Means received taxable income more than than $907,000 that she failed to report on her income tax returns.North Carolina Man Sentenced for Tax Evasion and Possession of an Unregistered FirearmOn December 16, 2016, in Charlotte, North Carolina, Reuben T. DeHaan, of Kings Mountain, was sentenced to 24 months in prison for tax evasion and possession of an unregistered firearm. DeHaan owned a holistic medicine business, which he operated out of his residence under the names Health Care Ministries International Inc. and Get Well Stay Well. DeHaan admitted that, from 2008 through 2014, he earned more than $2.7 million in gross receipts, but failed to file income tax returns for those years and evaded the payment of approximately $678,000 in income tax. He did this with the help of Richard H. Campbell Jr. and others, by setting up straw companies and opening bank accounts in the name of the straw companies to hide his income and assets from the Internal Revenue Service. DeHaan also claimed he was exempt from the payment of taxes because he was an ordained “medicine man” whose earnings were exempt from taxation. In addition, DeHaan also admitted to the possession of unlicensed firearms.Florida Man Sentenced for Tax EvasionOn November 28, 2016 in Tampa, Florida, Steven Headden Young, of St. Petersburg, was sentenced to 21 months in prison, ordered to pay restitution in the amount of $509,455 to the IRS and ordered to file his corrected tax returns for tax years 2007 through 2011. Young evaded a substantial portion of his personal federal income taxes for the years 2007 through 2011 by falsifying expenses to negate his income. Young, who prepared and filed his own tax returns, created bogus business expenditures and deducted them from his Schedule C income. He provided the IRS with a false lease agreement and false invoices between his real estate company and a sham corporation, purportedly based in the Dominican Republic. Young also falsely filed as head-of-household (HOH) to take advantage of the tax benefits of the HOH filing status when he was indeed married. HOH provides for less taxes and higher credits than when filing as single, married and filing jointly, or married and filing separately. Young made false statements to the IRS claiming he was single, when he was married and living with his wife. Young also interfered with the IRS audit and tax assessment of his personal federal income taxes by attempting to intercept third-party records that had been subpoenaed by the IRS from Bank of America (BOA). Young fabricated a letter from the IRS to BOA in an attempt to redirect bank records that had been intended for the IRS to another address, which had been opened by Young in the name of an IRS employee.Ohio Psychiatrist Sentenced for Tax EvasionOn November 21, 2016, in Cleveland, Ohio, Sandra Vonderembse, an Oregon, Ohio psychiatrist was sentenced to 18 months in prison, one year of supervised release and ordered to pay $565,128 in restitution to the IRS for tax evasion. From as early as 2005, Vonderembse failed to pay taxes and filed, and caused to be filed, with the Internal Revenue Service (IRS) false and fraudulent tax returns that included false statements regarding her income and the amount of tax due and owing. From 2009 through 2011, Vonderembse falsely claimed to have no taxable income and to owe no taxes, despite earning more than $240,000 each year while working as a psychiatrist. Vonderembse used nominee entities to conceal income from the IRS, and sent fake financial instruments to the IRS in purported payment of her taxes. In total, from 2005 through 2011, she attempted to evade more than $360,000 in income tax liabilities.Hawaii Couple Sentenced for Failure to Pay Income TaxOn November 17, 2016, in Honolulu, Hawaii, Calvin Kim and Chun Cha Kim, husband and wife, were sentenced to 36 and 12 months in prison, respectively, for violations of federal tax laws. In addition, Calvin Kim and Chun Cha Kim were ordered to pay restitution in the amounts of $1,969,463 and $1,937,267, respectively, which represent all back taxes and penalties. Criminal fines of $250,000 and $100,000 were also imposed on Calvin Kim and Chun Cha Kim, respectively. In addition, both defendants agreed to the imposition of a fraud assessment by the IRS, which may amount to an additional civil penalty of $3 million. The Kims already have paid more than $4 million in back taxes and interest. The Kims were the sole shareowners of businesses that sold heating pads and other products. In October 2000, they became followers of so-called "tax protestors" and decided not to file a valid tax return from then till May 2014. From 2005 to 2012 alone, the tax returns of the Kims’ businesses showed payments ranging from $418,238 to $971,983 for Calvin Kim for each year, and $271,564 to $1,000,562 for Chun Cha Kim, resulting in taxes owed for each of those years ranging from $133,009 to $325,375 for him and $83,828 to $335,378 for her.Tax Defier Sentenced for $1 Million Tax EvasionOn November 16, 2016, in Kansas City, Missouri, Harold R. Stanley, of Peculiar, was sentenced to 60 months in prison, which includes a sentencing enhancement for obstruction of justice. Stanley, an electrical engineer, was hired by companies as a consultant and received $971,604 from self-employment from 2005 to 2009 as an independent contractor. However, Stanley failed to file any tax returns for 2005 and 2006. For tax years 2007 through 2009, Stanley filed substantially correct returns but left the tax line entry blank and failed to submit any payment. Stanley submitted fake money orders for payment to the Internal Revenue Service, returned documents to the Internal Revenue Service claiming that the tax assessments were satisfied because they were “Accepted for Value,” filled out payment vouchers with his name in all capital letters but didn’t submit payment and submitted a false criminal referral to IRS – Criminal Investigation. From 2005 through 2009, Stanley had taxable income of $686,829; the criminal tax loss is $259,900.Wisconsin Embezzler Sentenced for Fraud and Tax EvasionOn November 3, 2016, in Madison, Wisconsin, Lisa Buchholz, of Luck, was sentenced to 36 months in prison, three years of supervised release and ordered to pay restitution of $193,909 to the victim of her fraud scheme. While employed as a bookkeeper for Four Seasons Wood Products (FSWP) in Frederic, from May 2008 until June 2012, Buchholz devised a scheme to defraud the company. In addition, Buchholz failed to file income tax returns for 2008, 2009, 2010 and 2011, and committed income tax evasion in 2011 by making false statements to an IRS criminal investigator during an interview in 2013. Buchholz’s actions caused a fraud loss of $172,176 to FSWP and a tax loss of $111,553 to the IRS.Texas Man Sentenced for Filing False Tax Returns and Corruptly Endeavoring to Impede the Internal Revenue LawsOn October 28, 2016, in Austin, Texas, Victor Antolik was sentenced to 72 months in prison following his conviction on filing false tax returns and corruptly endeavoring to impede the due administration of the internal revenue laws. Antolik owned and operated a commercial janitorial business with locations in Austin, San Antonio and Houston, Texas, under a variety of business names, including Diversified Building Services Inc., DBS Services Inc., Partners in Cleaning, PIC Building Services and BSI Industries. Antolik also earned income as a real estate agent, real estate broker and property manager. Antolik earned a portion of his real estate income through his companies SGN Realty Inc. and Signature Realty Services. Antolik submitted to the Internal Revenue Service (IRS) false individual income tax returns on which he underreported his income for tax years 2004, 2007 and 2008. In addition, between 1998 and 2014, Antolik attempted to obstruct the due administration of the internal revenue laws by, among other things, attaching altered Forms W-2 and 1099 to his tax returns, providing false information to his accountant that was used to prepare corporate and individual income tax returns on his behalf, and using nominees to conceal income and assets. In addition to the prison term imposed, Antolik was also ordered to serve one year of supervised release and to pay restitution to the IRS in the amount of $916,358.

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