Tax advice?

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Tax advice?

Post by Jerkatorium » Sat Apr 01, 2017 10:40 am

Looking for some tax advice/insight:

I already completed and submitted my taxes a few weeks ago, but then today I got another 1099 in the mail for my income from SongFight royalties. Normally this wouldn’t be a big deal, but I’m worried because the total is more than it was for the past few years: As I understand it, with this level of compensation there is an expectation of income withheld/prepaid throughout the year (2016), but I didn’t expect Jerkatorium to be this profitable so I didn’t do any of that.

At this point I don’t even know whether I should be filing a Schedule E or a Schedule C. In previous years I did a Schedule E, but for 2016 it would be difficult to prove that Jerkatorium is not a revenue-generating business subject to the self-employment tax, which means I’d have to do Schedule C (and in that case I’ll be kicking myself for not generating more Jerkatorium-related tax deductible business expenses last year).

Have any other SongFighters had this problem? Can I still do a Schedule E or am I obligated to do a Schedule C? And who should I complain to about getting my SongFight 1099 so late?
"Yes, I am a Muppet with B.O.; this song speaks to me." - Manhattan Glutton
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Caravan Ray
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Re: Tax advice?

Post by Caravan Ray » Sat Apr 01, 2017 3:50 pm

You probably should do what I do and register an address in the Cayman Islands. It avoids all these issues.
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Re: Tax advice?

Post by Lunkhead » Sat Apr 01, 2017 5:48 pm

And while we're on the subject, I still have not received my SongFight W2 either. What gives?! >:(
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