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I have a owner operater leased to my trucking compay. ? is

when I show his income...
I have a owner operater leased to my trucking compay. ? is when I show his income on the 1099 do I show all income .he runs under my insurance and operating authority and i hold out of his settelment road taxs ,insurance payments, and lics.plus 8.5% fee for leasing to me.
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2/2/2013
Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience: MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
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Stephanie B. :

Thank you for your question.

You will report his gross income before the expenses you withheld on his 1099. These expenses are his deductions he can use to reduce his gross income but he must start with the gross.

Customer:

even the 8.5% I charge for being leased to my company?

Stephanie B. :

Yes. That is his expense.

Customer:

ok thank you thats whats I wasn't sure about

Stephanie B. :

No problem.

Stephanie B. :

Please take a second to rate my response. I look forward to working with you again in the future.

Stephanie B. :

Stephanie

Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience: MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
Verified
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Stephanie B.
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Category: Tax
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Experience: MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.

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