+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3)
+--- Thread: Anyone here who is a 1099? (/showthread.php?tid=31654)
Pages:
1
2
Anyone here who is a 1099? - kap - 04-16-2007
How many tax forms did you need to complete? Our new CPA charged us $400 to do my S/O's 1099 tax (there are EIGHT forms in all!) And also because we own an attached one bedroom rental. He said his regular rate is $750; he has given us a discount because we are his new clients. Does this make sense to y'all?
Re: Anyone here who is a 1099? - Racer X - 04-16-2007
believable.
I own my own business (pro photographer) and between my business taxes, and the personal taxes for my wife and I are about $350 each year.
A CPA charges about twice what an accountant does FWIW.
Re: Anyone here who is a 1099? - DavidS - 04-16-2007
A few years ago we had significant tax issues related to moving and sale of our previous house. After years of using Turbotax/Macintax, I decided to use a CPA. She charged about $400 but saved us several thousands of dollars.
The next year I used her again, more out of obligation than necessity as our tax situation was simpler. She still charged us $400.
I've gone back to TurboTax for the last 3 years.
Re: Anyone here who is a 1099? - M A V I C - 04-16-2007
If your SO is making more than ~$50k/yr, they should seriously considering setting up a corp.
Re: Anyone here who is a 1099? - spearmint - 04-16-2007
Why are you paying for handling an 1099? Just add them up, declare as income and report them with a copy of the 1099 on your 1040. I have no idea what the accountant or CPA is doing for you. They are just ripping you off. Why would you need an CPA? They are just in the game for being a high priced more legally based bookkeepers. Been in business for my self for 27 years and never had a problem with 1099's. They are just statements reporting untaxed income you will have to pay taxes on. Hope this helps.
Re: Anyone here who is a 1099? - Paul F. - 04-16-2007
'Mint;
I think he's taling about a different sorta 1099... not the income statement.
At least, I THINK he is... otherwise I'm sorta confused myself...
Re: Anyone here who is a 1099? - kap - 04-16-2007
Racer X, $350 for both of you? It's $400 just for my S/O part. Isn't an accountant free of liability if something goes awry as opposed to a CPA because s/he might lose her/his license?
MAVIC, I WISH she earned that much we'd be a CORP in 1/2 second! Working for non-profit is a pit as far as salary and medical insurance (what coverage?!!) are concerned.
Her 1099 and our owning a rental make it complicated. I am learning to do it from a friend right now for next year's tax.
Re: Anyone here who is a 1099? - rgG - 04-16-2007
It is the rental income property that generates all the forms and schedules. We never used an accountant until we had rental property years ago. We still use an accountant, but now because we have a Sub-S corp. to deal with, so that is a whole different set of forms.
Re: Anyone here who is a 1099? - kap - 04-16-2007
rgG, YES!!!
Re: Anyone here who is a 1099? - spearmint - 04-17-2007
[quote Paul F.]'Mint;
I think he's taling about a different sorta 1099... not the income statement.
At least, I THINK he is... otherwise I'm sorta confused myself...
An 1099 is what you get from a company or individual when you get paid from them as a company or independent. What other kind could there be? Different purpose forms with the same number? I don't think so and you sure do not have to pay an accountant to handle them for you.