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.
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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.
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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