MicrostockGroup

Microstock Photography Forum - General => General Stock Discussion => Topic started by: cardmaverick on April 06, 2011, 16:07

Title: Multiple Agency Tax Reporting Problems
Post by: cardmaverick on April 06, 2011, 16:07

Is it just me, or are many agencies reporting incorrectly? I got THREE 1099's from Bigstock photo, and the 2nd correction is still WRONG. So far everyone is under-reporting.... I think... I know shutterstock pushes your December earnings over into the next fiscal year and my spreadsheets account for that when calculating my taxes, BUT, even they still are under-reporting...

So whats up with everyone else here????

Title: Re: Multiple Agency Tax Reporting Problems
Post by: sc on April 06, 2011, 16:16

I don't think any of them have a real handle on the taxes situation.
As long as you report your earnings you're fine.
Frankly I report all my earnings. If I report more than any agency reports the IRS is happy.
If I were to report less - I'm sure they'd be all over me about it.

Title: Re: Multiple Agency Tax Reporting Problems
Post by: Konstantin Sutyagin on April 06, 2011, 16:41

How much you have earned in 2010 and how much they paid you in 2010 are two different figures. They report the former one.

Title: Re: Multiple Agency Tax Reporting Problems
Post by: cardmaverick on April 06, 2011, 16:56

Quote from: Konstantin Sutyagin on April 06, 2011, 16:41

How much you have earned in 2010 and how much they paid you in 2010 are two different figures. They report the former one.

I understand that, but even when I throw out December payments (which generally aren't paid until after the new year, and in Shutterstocks case, are put towards your next years taxes), the numbers are still way, way off....

Title: Re: Multiple Agency Tax Reporting Problems
Post by: cthoman on April 06, 2011, 16:59

Quote from: cardmaverick on April 06, 2011, 16:07

Is it just me, or are many agencies reporting incorrectly? I got THREE 1099's from Bigstock photo, and the 2nd correction is still WRONG. So far everyone is under-reporting.... I think... I know shutterstock pushes your December earnings over into the next fiscal year and my spreadsheets account for that when calculating my taxes, BUT, even they still are under-reporting...

So whats up with everyone else here????

Yeah, I think I got 3 from them and none of them were right. Everyone else seemed to get it right though.

Title: Re: Multiple Agency Tax Reporting Problems
Post by: cathyslife on April 06, 2011, 18:50

Quote from: cthoman on April 06, 2011, 16:59

Yeah, I think I got 3 from them and none of them were right. Everyone else seemed to get it right though.

Same here. But they weren't that far off from numbers, so i just use their numbers, since those 1099s go to the IRS.