Tax advice?
Posted: 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?
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?