We received my husbands w’2 ( only one income ) and went ahead and gave it to a lady who was doing our taxes. After it was already sent off we received a 1099 of non-employee compensation of 5k. For 2006. My husband has been with his company since November of 2005. So apparently we werent expecting this therefor we didnt wait on it.
What can we do if taxes were already sent out and yet still stand here with a 1099 ?
Tried calling our tax lady and she’s not picking up and im starting to really worry.
Thanks.
2007-02-06 02:01:11 · 6 answers · asked by Steffany R 1 in Business & Finance ➔ Taxes ➔ United States
You will have to file an ammended return. In the mean time , figure out the approximate additional tax owed and put it aside. The IRS will need to receive this before April 17th, 2007. You can look online for the forms for an ammended return and download them. But if you have already paid someone to do this... might as well let her do this for you. Expect to pay her something again. :(
2007-02-06 02:11:55 · answer #1 · answered by Bob 5 · 1⤊ 0⤋
She is screwing you royally because she does not want to deal with payroll taxes. It is also illegal. She is making you an independent contractor so self employed. She may be right about state and federal taxes. If you make less than 5800 there are no income taxes. Once you hit $400 in self employment you pay 13.3% in social security and medicare. You would normally pay 5.65% of your check (lower due to Obama's stimulus program). You can fix this. Once you do she will fire you but it isnt worth having a job like that. You file an SS8 and include your 5.65%. The IRS will make the determination that you are an employee. They will make your employer pay their part. They will audit the company and look for others that were misclassified. They will pay up plus penalties and interest. They could owe so much they could end up being shut down. This is NOT your fault.
2016-03-29 07:40:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You need to file an amended return using Form 1040X.
Account for the income and business expenses on Schedule C or C-EZ.
Calculate the Self Employment tax on Schedule SE.
File the amended return and pay the additional tax by April 17, 2007
2007-02-06 02:08:02 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If they've already been filed, you can file an amended tax return with the new information. Otherwise, just get it to your tax preparer and have her add it in.
PS - if you haven't signed your return yet, then she hasn't filed - you still have time.
2007-02-06 02:06:01 · answer #4 · answered by Zyrilia 4 · 1⤊ 1⤋
IRS will catch it and come and get your kids, and hold them for ransom, they will also redo your taxes, and make adjustments to your return, then they will release your kids or they might not even catch it..
2007-02-06 02:13:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i have to figer what the deal is with 1099.. I have scottrade...bought stock for 300 sold for 230. scott sez i made 230 dollars... you can file a addition to your taxes..dont worry...
2007-02-06 02:06:50 · answer #6 · answered by Anonymous · 0⤊ 2⤋