2007-02-08 07:16:38 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
What is this 1099 business? Do I get it online, in the mail?
2007-02-08 07:31:35 · update #1
Can I deduct medical/dental expenses that I haven't paid off completely yet?
Also so I fill out and fill a 1099 anything else?
2007-02-08 07:39:02 · update #2
Real high if you don't file after receiving a 1099 - file your taxes - it's cheaper than tax court.
2007-02-08 07:25:10 · answer #1 · answered by lifesajoy 5 · 0⤊ 0⤋
A 1099 is a form you get from whoever paid you. It's sort of like a W-2, but is for self-employment income. They won't have taken out taxes - you'll have to pay them on your own, plus 15.3% for self-employment tax for social security and medicare. You'll fill out form 1040, 1040 schedule C or C-EZ, and schedule SE.
Chances of getting audited aren't particularly high, but chances of having to pay a lot when you file this year are very high if you didn't make quarterly estimated payments.
2007-02-08 22:32:45 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I believe if you made below your standard deduction you are not required to file.
2007-02-08 15:23:11 · answer #3 · answered by valster75 1 · 0⤊ 0⤋
Slim chances of being audited...very slim.
2007-02-08 15:24:12 · answer #4 · answered by I_Spy 3 · 0⤊ 0⤋