Transamerica Incorrect 1099???

[John Galt]

I had a to pay a carrier about 1200.00 in 2014 for charge back from a case I wrote and was paid for in 2013.Is the carrier suppose to give me a amended 1099 for 2013 since they got back the commission they paid me 2013 but the 2013 1099 doesn't show this.

My CPA didn't know what to do with this.

Your CPA is an ***. Fire him or her asap. Here is the answer:

Its simple math. Money in and money out. Since you paid the money back that is considered an expense on your part and it is a deduction...even if the carrier reports in on your 1099 it doesnt matter...the $1200 deduction wipes out the $1200 in income shown in your accounting records or software program. FREAKING DUHHHHHH!!!! Not you, your CPA

 

[MagicRat56]

How do you list lead costs and the cost of an appointment setter? Under misc or advertising??

 

[indiana260]

How do you list lead costs and the cost of an appointment setter? Under misc or advertising??

Lead costs should go on misc

 

[John Galt]

How do you list lead costs and the cost of an appointment setter? Under misc or advertising??

You can do that or create a new category Watson

 

[Sam]

I realize there aren't a lot of good resources out there on taxes for 1099 insurance professionals right now. There's a tech startup called Zen99 (founder is a friend and former CPA) that's trying to help with this. We're working with them to put together a guide with the most common info you need to know on taxes.

You can also sign up at www.tryzen99.com - you can track earnings/expenses throughout the year electronically, file your quarterly taxes (required for 1099 professionals), and browse their educational content. The site is free right now since they're new and trying to get user feedback.

They make tracking income and expenses super easy, the interface is everything you would expect from silicon valley, a nice departure from the tech we are generally used to from carriers in the insurance industry.

 

[daisyq]

I realize there aren't a lot of good resources out there on taxes for 1099 insurance professionals right now. There's a tech startup called Zen99 (founder is a friend and former CPA) that's trying to help with this. We're working with them to put together a guide with the most common info you need to know on taxes.

You can also sign up at (I had to delele site since I'm less than 20 posts) - you can track earnings/expenses throughout the year electronically, file your quarterly taxes (required for 1099 professionals), and browse their educational content. The site is free right now since they're new and trying to get user feedback.

They make tracking income and expenses super easy, the interface is everything you would expect from silicon valley, a nice departure from the tech we are generally used to from carriers in the insurance industry.

Sam, thanks for the link, I went to it and it was easy to use. I also hope when you have the guide put together that you post it!!

Also, obviously I don't know how to use this forum because when I copy and paste a previous comment it's not showing the way everybody else's is. Anybody want to tell me what I'm doing wrong?

Thanks for the help!!

 

[scagnt83]

Thanks for the link Sam. It is a very helpful interface. I like the app and being able to add expenses as they happen, as well as being able to take pics of receipts with my phone to document expenses. And the tax aspects are nice too and have lots of potential. Overall very cool.

 

[goget]

Speaking of trans. I think they're the only company I haven't gotten a 1099 from.Did everyone get theres?

 

[goget]

I got my Aetna about a week ago. I received about 18 1099's this yr and I bet 85% are more 1099'ed on total annualization instead of as earned.i just remembered I never got my gerber are vantis either

 

[senior-advisor-indiana]

I have received my TransAmerica but still waiting on Humana, UHC and Forethought.