I'm in the transportation industry and received about 50 1099 Misc forms. I have 1099 Misc from brokers but also from my factoring company. Do I have to enter each 1099 misc separately or can I record my revenues are sales revenue and move on? I'm concerned because first, I have over 50 of them, and, second, some may be duplicated due to the fact that my factoring company also sends me the 1099 Misc form.
You can enter a total amount for your income on Schedule C without entering each separate Form 1099-MISC. However, in order to prevent a letter from the IRS for not reporting all of your income, you must be sure that the total income you enter matches the total of all of the Form 1099-MISC, even if it is duplicated. The IRS will have copies of all of the Form 1099-MISC and will expect all of the income to be reported on your return.
If you find that some of the income has been duplicated, then make an adjustment for the duplication as a miscellaneous business expense. Be sure that you have documentation to back up the duplication and keep good records for the amounts entered on your return.