Quote Originally Posted by BarryBobPosthole View Post
Just because you’re 1099’d doesn’t mean you’re taxed. It’s simply an earnings statement. What I mean is they aren’t going to chase down and audit every 1099.
And if you do report it and don’tshowa big loss on your business then you need to talk to an accountant.

BKB
Actually, the big computer in the sky runs a cross check on every single 1099 and matches it to the return. (At least they used to when I did taxes back in the day.). Now, what you list as your basis or cost of good sold is a different story...

But, it has always been taxable income. They’re just shutting down a loop hole you could drive a truck through.


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