business income

I started receiving payments from the insurance company for patients in a credit card form.  I have to put this through the credit card machine.  It will show up as a deposit on that machine.

I will also receive a 1099 misc from the same insurance company, showing year end payments. 

 

  I used to put 1099 misc for one form of payment from the insurance company.  And the credit card end of year total for the other form of payment. 

 

Should I subtract the insurance payments in the form of a credit card payment from the year end total from my credit card deposit total?  I don't want to claim that money twice.

ColeenD3
Expert Alumni

Deductions & credits

The 1099 is the official reporting form. While your credit card payments are showing as a deposit, this is just back-up for the 1099. As long as amounts can be reconciled, use the 1099 as your income.

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