Comments on: I Received Form 1099-MISC… But I Don't Own a Business!

By: TurboTaxChristopherT

TurboTaxChristopherT — Sat, 13 Apr 2013 16:31:53 +0000

Hi Amy – Receiving a Form 1099-MISC with an amount in Box 7 makes you an independent contractor — “self-employed.” We can’t advise about business licenses or topics aide from income taxes. The attached link has more information. Hope it helps. –Christopher http://turbotax.intuit.com/support/go/GEN83692

By: Amy

Amy — Fri, 12 Apr 2013 00:29:51 +0000

I work for a catering business occasionally that sent me a 1099 at the end of the year. I filed a schedule C even though that is the only income I have for that line of work. I’m basically an employee but they don’t want to deal with paying my taxes. Do I also have to get a business license? This is not my business – I don’t recruit customers and only got paid about $2000 in hourly wages.

By: netdiva

netdiva — Thu, 11 Apr 2013 19:00:22 +0000

I disagree with the standard advice given by Turbotax. My husband, an employee, received a 1099-MISC from a company that sponsored a workshop he attended at the request of his employer, and which had reimbursed him for his travel expenses. He is NOT self-employed by any stretch of the imagination! Our accountant handled this by providing a supporting statement for Line 21 of the 1040, other income, showing 1) the income on the 1099, and 2) a second line, subtracting the income, with the explanation “reimbursed expenses.” I’m commenting because perhaps this will help someone else who runs into the same problem.

By: sbaghaii

sbaghaii — Sat, 10 Jun 2006 16:14:45 +0000

I am a summer intern at a small design firm, and I got my first paycheck and it had no taxes deducted from it. I was told by friends that I would have to file a 1099-MISC. Is this the case? I have not received my professional degree yet. Help!

By: David

David — Mon, 01 May 2006 01:53:25 +0000

I received a 1099-misc as a result of a type of ‘severance’ package from a company. It was supposed to be a signing bonus, however the company froze hiring before I officially started. Thus the signing bonus became severance pay. (1) Does this mean I have a business? (2) Is this income subject to the ‘self-employment’ tax? Thanks for the help…

By: Anne Schetter-Clark

Anne Schetter-Clark — Thu, 27 Apr 2006 22:29:57 +0000

Well, you may be able to deduct either depreciation on that truck (or maybe even Section 179 expensing) in the year you buy it… which gives you a serious write-off! If you can buy a truck over 6,000 lbs, you can take that Sec 179 deduction for probably the entire cost of the truck… major tax savings! It doesn’t matter if you finance it or not. You can also deduct your gas, oil, car washes and all that…

By: velvet101

velvet101 — Wed, 26 Apr 2006 00:15:19 +0000

I’m wanting to know what is the best advantage for me whether to keep my existing truck and write-off mileage and maintenance, or to purchase a new truck and write-off the complete payment?

By: velvet101

velvet101 — Wed, 26 Apr 2006 00:12:00 +0000

I recieve misc. income for the use of my truck from the company I work for. If I purchase a new truck with that misc. income can I write-off the total payment for the truck plus interest, mileage, maintenance?