Reporting income - summary
- Subject: Reporting income - summary
- From: Alec Drachman <alec@xxxxxxxxxxxx>
- Date: Tue, 11 Feb 2003 10:05:32 -0500
First, thanks to all who replied on and off list. I also had many people
tell me off-list that they would also like the answer to this question.
Everyone agreed that I was in no way off the hook because the club sent
the form late.
Of all the great suggestions I've gotten, one has sort of risen to the
surface and presented itself as my course of action.
I am going to report the $3200 from the 1099 myself, and then deduct the
wages I paid to the band on the schedule C. Originally, I was only going
to write off payments to 3 of the four band members, because we had
three different drummers over the course of the year, but then I
realized that we paid a few extra musicians over the course of the year
and took smaller cuts ourselves. In particular we gave an even cut to an
awesome B3 player that did several gigs with us. By including everyone
that I paid, each person's wages will be under $600 and I won't be
required to send them 1099's. I'll notify each person of how much they
should report, and then it's on them. I can also deduct my expenses -
harps, amp repair, etc. and I should be able to come close to zeroing
out my liability. If I'd kept better records, it would have been very
easy, unfortunately I only have receipts for one chromatic a couple
diatonics several cables, and a pricey amp repair. From now on, I'll be
keeping immaculate records of expenses.
Thanks again to all who replied.
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