MicrostockGroup
Microstock Photography Forum - General => General Stock Discussion => Topic started by: StockManiac on December 27, 2008, 09:19
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It seems like it is that time of year again.
Which sites send out 1099s?
If I remember correctly, last year it was:
Shutterstock
Dreamstime
I believe that iStockphoto will also be sending out 1099s this year (since Getty is U.S. based).
Does that seem correct? Or are there other sites that will send out 1099s?
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iStock does not send out 1099 forms.
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Do they only send out 1099's if you had an income over $600 with them in 2008, or is the dollar amount of income irrelevant with them?
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They do not send out 1099s.
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Do they only send out 1099's if you had an income over $600 with them in 2008, or is the dollar amount of income irrelevant with them?
They are based in Canada I believe therefor there is no such thing as a 1099.
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Do they only send out 1099's if you had an income over $600 with them in 2008, or is the dollar amount of income irrelevant with them?
They are based in Canada I believe therefor there is no such thing as a 1099.
Isn't Shutterstock and Dreamstime based in the USA?
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Is Dreamstime romanian site!?
http://www.microstockdiaries.com/page/4
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iStock does not send out 1099 forms.
Earlier in the year, I received a form from Getty that requested for tax information (and I only submit to IS). I assumed that it would be used for tax purposes. If the form wasn't for tax purposes, then what was it for?
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Do they only send out 1099's if you had an income over $600 with them in 2008, or is the dollar amount of income irrelevant with them?
Yes, the law states that they only need to send 1099s if the income is over $600.
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Does it mean that we don't' have to report the income if it is less than $600? I also wanted to ask, if we report an income, can we also claim expenses, such as photo equipment?
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Does it mean that we don't' have to report the income if it is less than $600? I also wanted to ask, if we report an income, can we also claim expenses, such as photo equipment?
I don't know the laws in USA, but here we may have various sources of income, each one below the tax limit, but we have to sum them for the annual tax report.
About the second question, it has been discussed here before. I don't know the answer, however, but a search will help.
Regards,
Adelaide
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Thanks Madelaide, there's quite a few posts in the forum already. I see that I have lots to read :)
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iStock does not send out 1099 forms.
Earlier in the year, I received a form from Getty that requested for tax information (and I only submit to IS). I assumed that it would be used for tax purposes. If the form wasn't for tax purposes, then what was it for?
Did you sign up for Getty thru istock? Otherwise they don't send out forms fir anything afaik.
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Do they only send out 1099's if you had an income over $600 with them in 2008, or is the dollar amount of income irrelevant with them?
Yes, the law states that they only need to send 1099s if the income is over $600.
Again afaik, this does not apply to istock. I have never received anything from them (or Getty about istock) regarding taxes.
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Does it mean that we don't' have to report the income if it is less than $600? I also wanted to ask, if we report an income, can we also claim expenses, such as photo equipment?
in US you need to report if you collect money and you're not a hobbyist -- the basic IRS def of non-hobby is youu have to show a profit twice in 5 yrs. as a sole proprieter you'd attach sched C which has all the info about what's deductible, etc. you also may need tot file FICA-SS taxes as part of your 1040
it's not that difficult tot do it yourself for a small business, and there's plenty of info thru google, but if you're really concerned or innumerate, a tax adviser/accountant shouldnt cost too much
steve
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Does it mean that we don't' have to report the income if it is less than $600? I also wanted to ask, if we report an income, can we also claim expenses, such as photo equipment?
According to the IRS, you are supposed to claim ALL income. But in general, people don't claim income that is not reported to the IRS.
If you report income, then you can also claim LEGITIMATE expenses. So anything that you used to generate your income is a possibility, but some things are more difficult to claim than others. For example, if you use your computer for stock photography, but you also use it for other things (personal, your day job, etc), then you can only claim it partially at best. And you are supposed to keep records to show how you came up with those numbers. Another sticky area is claiming your home as a place of business.
LEGAL DISCLAIMER: I am not an accountant. It is up to you to verify all of this.
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iStock does not send out 1099 forms.
Earlier in the year, I received a form from Getty that requested for tax information (and I only submit to IS). I assumed that it would be used for tax purposes. If the form wasn't for tax purposes, then what was it for?
Did you sign up for Getty thru istock? Otherwise they don't send out forms fir anything afaik.
No, I never signed up for Getty, nor have I ever dealt with them.
When I got the form, I just figured that they wanted the information for tax purposes. I know that IS is originally a Canadian company, but Getty is U.S.-based.
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this US tax withholding is a mean and nasty thing. i am canadian, and i remember in my younger naive days , i sold some music on a now famous music site, and some of my earnings were substantial so they withheld tax from me even though i was from canada. i never saw the refund. the IRS sent me forms after forms to feel and i never saw the end of it.
i just gave up .