Are we getting 1099's this year? I Know we didn't get them last year and had to go calculate the earnings from paypal; just curious if we're getting them this year.
Also, I wrote on another site that pays via paypal and last year they issued 1099. Not sure why HP earnings was different. When I questioned it, they said by law they had to. HP said they didn't bc they paid via third party.
Either way, I just want to know how to prepare for my taxes this year.
Personally, I'm going on the assumption that I will receive nothing from HubPages, Bubblews, PayPal, or anyone else. I'm just going to add up the numbers from the PayPal receipts, and that will be that.
Google AdSense might be a different matter. Just plain don't know. Maybe someone else can chime in on that.
As long as you received money through Paypal, you may or may not receive a 1099 from *any* other merchants--hubpages or anyone else you work for. That's because they are no longer obligated to send you one.
Instead, you will receive what's called a 1099-K from Paypal and you can use that to report your taxes! Make sure you do not double report--if you use the 1099-K to report your taxes don't also put in the 1099-Misc as this could result in overstating your income. Likewise, if you collect 1099-Miscs instead, you can just use the 1099-K to verify everything
Also remember that a 1099 is only *obligated* to be sent out if you made over $600 at any one vendor, so you may not receive if it was less than that. Legally you are required to report any income; in practice, the limit is usually over $400.
Let me know if you have any other questions; I used to work for a CPA.
Good info, thanks. What type of accountant would you recommend to help me organize finances with my counseling practice and what's the going rate?
Any CPA can do this for you; you can call a few CPAs in your area and ask them if they have a bookkeeper on staff. To organize finances you don't want to pay accountant rates, you really just need a bookkeeper for your financial statements and then an accountant to tie it all in to your year end tax return. Most CPAs will charge hourly, but try to get a retainer instead if you can -- a retainer offers more freedom and a steady expense rather than a variable one. Our CPA rates were usually between $150 to $1500 a month depending on size of the company, but small companies would often just be charged $600 a year with tax return inclusive, so you can also ask them to include you a deal with your tax return... However, if your counseling practice is small and there are few transactions, a "big box" like HR Block is usually cheapest and most straightforward. You can also do your own bookkeeping and ask a CPA if they will simply provide review + tax if you want to save more.
I received a 1099 from Google Adsense last year, but not from Paypal even though I received enough money to get one. I just printed out all of mine from my Paypal account and used that for Hubpages.
A recent new IRS ruling (IRC Section 6050W) requires payment processors such as PayPal to issue a 1099-K form when one receives at least 200 separate payments totaling at least $20,000 gross from all payers.
Therefore anyone paying you using a service such as PayPal, no longer needs to issue a 1099 directly. If they did, then your income would be reported to the IRS twice (if you made at least $600 from a single payer) and you'd be double taxed.
HubPages correctly stopped sending 1099's since they use PayPal, but if you are getting one from another site that pays you via PayPal, you should notify them of the changes to the law so you don't pay double tax.
Source: https://cms.paypal.com/us/cgi-bin/marke … s/IRS6050W
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