Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-03-2009, 04:30 PM
Junior Member
 
Join Date: Feb 2009
Posts: 2
Unhappy Miscellaneous Income-1099

My friend was working through a contractor and he used to give him salary and some amount as expenses on which he don't have to pay any taxes and neither do the friend.
But in this scenario,he was offered full time job by the company in which he worked as contractor.And on 31st December he joined as full time worker and inform his contractor also well in time.
Now the problem is that his previous employer send him form 1099 containing all miscellaneous Income which initially he used to pay as expenses.And now he is shocked as he has to give huge amount of taxes on that amount.His previous employer is not responding to it and now he is in trouble.
Now the question is that how can he save taxes on that amount or how can he lower the taxes on that amount??
Please help.............he is in real tension.



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



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 Other Income treatment from C corp onixnyc C-Corporation 1 09-23-2008 11:12 AM
1099-Misc Income and IRA sirscott IRA/Sep 2 03-02-2008 02:35 AM
wrong income on 1099 chooglin Income 1 02-29-2008 03:44 PM
1099-MISC income guidowitz Income 3 02-14-2008 12:07 PM
How do I report 1099-Misc Income? dreamiet Sole-Proprietorship 1 01-21-2007 01:23 AM

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
 
 
 

» Recent Tax Q&A
No Threads to Display.