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My husband is an owner operator leased to a company. Their…

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My husband is an...

My husband is an owner operator leased to a company. Their cartage

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Sheet shows load pay minus fuel,ifta taxes,tolls and the final pay is what those figures are,they issue a 1099 for net,however they deduct fuel from check so we are paying also, they 1099 the net but call it the gross and that figure is on the 1099..Is this right.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No, I keep records on excel and all other expenses such as repairs,truck payments health ins etc.

Submitted: 28 days ago.Category: Tax
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Answered in 10 minutes by:
3/27/2018
Tax Professional: Lev, Tax Advisor replied 28 days ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,717
Experience: Taxes, Immigration, Labor Relations
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In general - that is not correct - the payer must report the TOTAL payment including all reimbursements.

On your tax return - report all payments and deduct all your expenses as per record.

You generally may do that without correcting 1099misc.

Let me know if you need any help with reporting.

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Customer reply replied 28 days ago
ok
Tax Professional: Lev, Tax Advisor replied 28 days ago

See instructions

https://www.irs.gov/pub/irs-pdf/i1099msc.pdf

report

- 2. Services performed by someone who is not your employee (including parts and materials), box 7;

So the IRS expects TOTAL amount to be reported.

You may ask to correct reporting - but that is not so important for your filing.

Let me know if that helps.

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Tax Professional: Lev, Tax Advisor replied 26 days ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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Customer reply replied 25 days ago
Do not know why company does the 1099 like they do
Tax Professional: Lev, Tax Advisor replied 25 days ago

There are filing requirements to issue reporting from 1099misc.

However - as we are human being - we may interpret requirements differently - and not always correct way.

Let me know if that answer your question.

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Lev
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