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Video instructions and help with filling out and completing how to fight a 1099 c

Instructions and Help about how to fight a 1099 c

Hey what's up everybody Steven Williams with the credit fair comms and in today's video we're going to talk about 1099 C's / statements of the amount we're gonna talk about you need to watch out for predatory lenders specifically mortgage companies and opportunities that you might want to consider investing because it looks like the tide is about to turn to be able to do some heavy investments Oh at least over the next few years okay first let's start off with 1099-c overstatement I had a question on YouTube about it today and I had been seeing this with some other clients also and what it is is the 1099 C form is what that like say you had a creditor they decided to forgive the debt so what happens is they gonna send a form 1099 C to you and to the IRS and for the amount that they put on there the IRS is going to consider that income so if you charged a credit card $10,000 and you didn't pay it and they did a debt forgiveness they cannot sell it to a debt collector when they do this so if you receive one from a debt collector and you had a 1099 C they just broke the law by doing that but they would send you that 1099 see saying that you got $10,000 worth of income that you used on the credit card and they forgave the debt so what what we're seeing happen right now is that they're overstating the 1099 C's one a person left a chat for me on YouTube or message on YouTube and they said that they did not remember charging no more than I think it was $3,000 and they got it for $9,000 or they just didn't remember charging that amount or they know they didn't charge up that amount a lot of it was in fees they're not allowed to put the fees on there I don't care what they say they're only allowed to do the amount that you actually charge so what you're gonna have to do if you have that situation is you're gonna have to request all of your charges that charges them themselves from the original creditor and then you're gonna have to contact the IRS and tell them that you want that amended because you have proof of the charges that you had not the fees proof or the charge because you did not receive fees as income only things that you purchased with the card is considered income and so if you if you have a situation where the IRS contacted you about that amount you need to contact whoever the contact is with the IRS let them know that you're not just overlooking this but let them know that you need time to request documents from the original creditor showing that you did not charge that amount on that they're claiming on the 1099 see and.

FAQ

How do you know if you need to fill out a 1099 form?
Assuming that you are talking about 1099-MISC.  Note that there are other 1099s.check this post - Form 1099 MISC Rules & RegulationsQuick answer - A Form 1099 MISC must be filed for each person to whom payment is made of:$600 or more for services performed for a trade or business by people not treated as employees,Rent or prizes and awards that are not for service ($600 or more) and royalties ($10 or more),any fishing boat proceeds,gross proceeds of $600, or more paid to an attorney during the year, orWithheld any federal income tax under the backup withholding rules regardless of the amount of the payment, etc.
How many people fill out Form 1099 each year?
There are a few different ways of estimating the numbers and thinking about this question. Data from the most recent years are not available—at least not from a reliable source with rigorous methodology—but here is what I can tell you:The most popular type of 1099 is Form 1099-MISC—the form used to report non-employee income including those for self-employed independent contractors (as well as various other types of “miscellaneous” income)Since 2021. there have been just under 16 million self-employed workers (including incorporated and unincorporated contractor businesses). And the data from the BLS seems to suggest this number has been largely consistent from one year to the next: Table A-9. Selected employment indicatorsNow, the total number of 1099-MISC forms has been inching up each year—along with W-2 form filings—and may have surpassed 100 million filing forms. RE: Evaluating the Growth of the 1099 Workforce But this data only goes to 2021 because, again, it’s hard to find reliable data from recent tax years.In terms of the total number of Form 1099s, you’d have to include Interest and Dividend 1099 forms, real estate and rental income, health and education savings accounts, retirement accounts, etc. I’m sure the total number of all 1099 forms surely ranges in the hundreds of millions.Finally, not everybody who is supposed to get a 1099 form gets one. So if you’re asking about the total number of freelancers, the estimates range from about 7.6 million people who primarily rely on self-employed 1099 income and 53 million people who have some type of supplemental income.If you’re someone who’s responsible for filing Form 1099s to the IRS and payee/recipients, I recommend Advanced Micro Solutions for most small-to-medium accounting service needs. It’s basic but very intuitive and cheap.$79 1099 Software Filer & W2 Software for Small Businesses
Do you need to fill I-9 form for 1099 contract?
There's no such thing as a “1099 employee.” You are either an employee or you are not. The IRS rules are here Independent Contractor Self Employed or Employee and ICE uses a similar process to determine who is an employee and who is not.While it is illegal to retain a contractor whom you know to be working illegally, you are not required to connect Form I-9 from your independent contractors. You may do so if you wish.Who Needs Form I-9? Explains who must prForm I-9.
Can I use broker statements to fill out form 8949 instead of a 1099-B?
Yes you can. Should you? Perhaps, but remember that the 1099 is what the IRS is going to receive. There could be differences.You may receive a 1099 which is missing basis information. You will indicate that, and use your records to fill in the missing information.My suggestion is to use the 1099, cross-referencing to your statements.
Do I have to fill out a 1099 tax form for my savings account interest?
No, the bank files a 1099 ‡ not you. You’ll get a copy of the 1099-INT that they filed.
If the amount of payroll check is the same as the job personal check, do I have to fill out a 1099?
Your question is unclear.First off, if you receive a payroll check you are an employee and will receive a W-2 at the end of the year.Are you running a business and paying someone for services rendered or for goods for resale? If so and if the payee is not a corporation, then you must issue a Form 1099-MISC to the payee if you paid $600 or more for services or $5,000 or more for goods for resale.If you are the recipient of payment then you do not issue Form 1099-MISC. If you are not an employee, you may receive a Form 1099-MISC. You must report the income even if you don't receive a Form 1099-MISC.
How much is typically taken out in taxes on a 1099? How do you get it to be less?
For what kind of payments? "1099" covers a lot of ground and a lot of different types of reportable payments, some subject to withholding, some not. I assume that you are referring to compensation paid to a non-employee independent contractor that is reported on a 1099-MISC as "non-employee compensation." If so, the answer is none, so , obviously, it can't be less that zero. If your client/customer is withholding tax anyway from payments made to you as a contractor, you can tell him to stop withholding.In addition, if you want, tell him that he still owes you the amount that was withheld. If he took it upon himself to pay the money that he owed you to someone else, that's his problem -- you shouldn't have to deal with it. Even if it's the IRS. (It's not the same thing as employee withholding, the law specifically relieves the employer of liability to the employee for amounts that are withheld from wages for taxes.) If you feel generous, you could always accept the withholding, and just look at it as being part of your quarterly estimated tax liability -- that could even be advantageous because withholding is considered to have been paid evenly over the course of the year rather than on the date actually paid -- but that's totally up to you.
Do you have to fill out form 1099 (for tax reporting) if you send over $600 in bitcoin to company for a product?
Among the numerous tax forms, the IRS will be expecting you to fill out a 1099-MISC form in two cases:you made payments to freelancers or independent contractors for business-related services totaling at least $600 within the year,or you paid minimum $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.However, if you made any payments for personal or household services, there is no need to submit a 1099-MISC form.This site has a lot of information about it - http://bit.ly/2Nkf48f