VO-BB - A VO Family Forum Index VO-BB - A VO Family
2021 - It's GOT to be a better year!
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Year-end contractor tax question

 
Post new topic   Reply to topic    VO-BB - A VO Family Forum Index -> Chat
View previous topic :: View next topic  
Author Message
Mike Harrison
The Gates of Troy


Joined: 03 Nov 2007
Posts: 1910
Location: Equidistant from New York City and Philadelphia, along the NJ Shore

PostPosted: Wed Dec 23, 2020 10:52 am    Post subject: Year-end contractor tax question Reply with quote

At year-end, when paying a contractor for whom a 1099-MISC form needs to be filed, which date gets reported: the date on which payment was issued (prior to December 31), or the date on which payment was received or even deposited (after January 1)?
_________________
Mike
Male Voice Over Talent
The first step, they say, is admitting it: I am an O.A.V. And proud of it.

Back to top
View user's profile Send private message Send e-mail Visit poster's website
Bruce
Boardmeister


Joined: 06 Jun 2005
Posts: 7303
Location: Portland, OR

PostPosted: Wed Dec 23, 2020 1:09 pm    Post subject: Reply with quote

If I'm getting your question right, 1099-MISC forms are a summary of all fees paid during the year in question, so there is no date entered, just the year the income was earned and paid. It needs to be sent by January 31 of the following year (although many aren't). And as I'm sure you know you don't have to report payments to contractors totaling less than $600.

B
_________________
VO-BB Member #31 Enlisted June, 2005

I'm not a Zoo, but over the years I've played one on radio/TV. .
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Frank F
Fat, Old, and Sassy


Joined: 10 Nov 2004
Posts: 4405
Location: Park City, Utah

PostPosted: Wed Dec 23, 2020 1:11 pm    Post subject: Reply with quote

I am not an accountant, but I did stay at a Holiday Inn once.

As I understood the question; taxes apply to the year earned. Not the year paid. But I could be wrong as tax stuff changes rather quickly.

F2
_________________
Be thankful for the bad things in life. They opened your eyes to the good things you weren't paying attention to before. email: thevoice@usa.com
Back to top
View user's profile Send private message Yahoo Messenger MSN Messenger
Mike Harrison
The Gates of Troy


Joined: 03 Nov 2007
Posts: 1910
Location: Equidistant from New York City and Philadelphia, along the NJ Shore

PostPosted: Wed Dec 23, 2020 1:23 pm    Post subject: Reply with quote

Thanks, Bruce. You de-mangled my question. It wasn't about entering a date but rather, as Frank surmised (thank you), for what period the taxes are paid.

So a 1099-MISC is filed for anything earned (over $600) in a given year, even if payment is made after year-end.

Many thanks... and enjoy your holidays.
_________________
Mike
Male Voice Over Talent
The first step, they say, is admitting it: I am an O.A.V. And proud of it.

Back to top
View user's profile Send private message Send e-mail Visit poster's website
Display posts from previous:   
Post new topic   Reply to topic    VO-BB - A VO Family Forum Index -> Chat All times are GMT - 7 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group