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1099........and taxs?

Does any one or your dh do a 1099 where you pay in instead of getting a tax return?
we do.....Do you keep a log of your expenses and all receipts?
I have all my receipts for 2008 finally have them sorted into months but i was wondering if your like me, what do need in your log........
I have dh lunch expenses, dh work supplies....personal....utilities...donations.....
my dh is a trucker so his expenses can be written off as can be donations.........
what is in yor log?

Answer Question

Asked by Anonymous at 3:46 PM on Jan. 6, 2009 in Money & Work

Answers (3)
  • Cell phone a percentage depending on how much is work related. Mileage if he is not reimbursed or paid for it. Maintenance receipts if you choose to claim those instead of mileage. Receipts for supplies and not sure if you can write off work clothes or not.

    I think you may want to seek a low cost CPA (ask around we had one we paid $50 to each year and that was filed state/federal)

    Answer by Anonymous at 4:41 PM on Jan. 6, 2009

  • A 1099 is where your employer notates your earned income. The employer is further notifying the IRS that YOU are responsible for all taxes because they deducted none. You need to average what your husband makes and put back a portion of that..or look at what you paid in taxes last year and put back that much or more a bit at a time throughout the year.

    A tax l;og should have date, how much was spent, where, on what/purpose and receipt


    Answer by GrnEyedGrandma at 4:42 PM on Jan. 6, 2009

  • I assume when you say that you do not do a tax return, you are meaning that you don't get a W-2 or soemthing liek that. You are still requried to file a tax return. Most liekly you would be best off filing a schedule C -- look at the form online and it'll give you ideas of items that are deductible. If not, then you'd report the 1099 income as othe rincome subject to self employment tax and deduct those items on the itemized as "unreimbursed business expense". I'd look into the rules for the schedule C as you may benefit more from this approach. Best bet is to talk to a tax professional about options.

    Answer by Anonymous at 9:21 AM on Jan. 7, 2009

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