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Tax questions....please help

We worked for a local business in 2008 has contract work paid cash. They claimed they sent us a 1099 but we didn't get any. We both should have one each by what the man told us. What do I need to do? Do I tell my tax preparer or what. The company is suppose to get me copies. What do I need to do I am worried.

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Anonymous

Asked by Anonymous at 1:44 PM on Jan. 6, 2010 in Money & Work

Answers (4)
  • If she and her Dh worked as contract employees the person they did work for only has to give a 1099 they dont handle the taxes because the couple is considered self employed.

    Op once they get you copies you will enter your earnings and then it will tax you based on your total earnings and what you did pay into taxes during the year, you should always keep a record of cash payments made to you. I did daycare and i always always kept a record. depending on how much you made you may also have to pay a self employment tax. normally the tax programs are really good about figuring it out for you as you enter the numbers.
    3_ring_circus_

    Answer by 3_ring_circus_ at 1:56 PM on Jan. 6, 2010

  • Yes, I kept it and have reciepts. We together didn't go over $2100. Will we get in trouble?
    Anonymous

    Answer by Anonymous at 2:01 PM on Jan. 6, 2010

  • Since it was in 2008, you are going to have to file an ammendment to your tax return. Go to www.irs.gov, and it will tell you what forms you need to fill out. (Or you can ask a tax preparer to do this). You will likely have to pay interest on the amount of tax that you should have paid.
    Scuba

    Answer by Scuba at 2:17 PM on Jan. 6, 2010

  • You need to get a copy of a 1099, or calculate all the payments so you know how much it would have been. Then file an amended return showing the extra income (1040X) and pay the additional tax. IRS will send you a notice when they recieve it asking for penalties and interest if applicable.
    Anonymous

    Answer by Anonymous at 5:30 PM on Jan. 6, 2010

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