Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-26-2015, 12:12 PM
Junior Member
 
Join Date: Mar 2015
Posts: 2
1099 MISC - Always need a biz license?

I got audited here in New Mexico. I only had 2 W-2's and 1 1099-MISC. I got the 1099 from doing a contract job promoting a product for a week. So, the tax office in my state called me and told me I must have a business license since I filed a 1099. Why is this?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-26-2015, 08:07 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,230
Quote:
Originally Posted by dog8food View Post
I got audited here in New Mexico. I only had 2 W-2's and 1 1099-MISC. I got the 1099 from doing a contract job promoting a product for a week. So, the tax office in my state called me and told me I must have a business license since I filed a 1099. Why is this?
Not necessarily, it’d depend on what biz you are performing. A 1099 only indicates that you are an independent contractor and your employer will not be deducting taxes that is entirely your responsibility, and this is a heads-up to the IRS that you will be owing them.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-27-2015, 05:30 PM
Junior Member
 
Join Date: Mar 2015
Posts: 2
Quote:
Originally Posted by Wnhough View Post
Not necessarily, it’d depend on what biz you are performing. A 1099 only indicates that you are an independent contractor and your employer will not be deducting taxes that is entirely your responsibility, and this is a heads-up to the IRS that you will be owing them.
Thanks. Seems like it's too late now. Guess I'll have to get a biz license and fill out some CRS stuff.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099 Misc. caridner Income 1 05-14-2012 04:48 AM
1099 Misc BooFra689 Income 1 03-15-2012 08:57 AM
Vehicle Registration and License Fee MrJ71 Itemized Deductions 0 02-04-2011 05:44 PM
1099 misc? lehman09 Income 1 01-30-2009 12:16 PM
1099-misc Jaduexclens Income 1 02-22-2008 07:23 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning