I have a regular job and receive a W2 form, but I needed a 2nd income to help meet bills. So, I tried to find a 2nd job at home for additional income. I will leave the company names out and just refer as Company 1, 2, 3.
What happens when you start a small business by purchasing SPA products to resell and the company goes bankrupt and a 2nd company purchased the product line but not the company (then said). So when I asked them for a 1099 they replied in an email that they are not responsible for the 1st company and since only earning $246.93 from the 2nd company I did not receive a 1099. So can I claim loss of inventory product and expenses when you don't get 1099 for those 2 companies? In addition, an out of town conference expense for 1st company...
And if that is not enough, I am now with a 3rd SPA Distributor company all in 2022. I did receive a 1099 NEC for the 3rd company of $868.00. I have a lot of expenses and old inventory. So do I merge all my loss and expenses together as 1 company under my business name and show a loss without being audited?
