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Level 1
posted Apr 3, 2024 12:00:20 PM

1099 or no 1099

What are the benefits to filing a1099 opposed to no 1099 and just claiming the amount on taxes? Pros and cons seem to equal either way.

0 3 518
3 Replies
Expert Alumni
Apr 3, 2024 12:16:22 PM

What do you mean?    If you received a 1099, you have to report it, but you don't need a 1099 to report income.    Income is either ordinary or self-employment, and both of those can be on a 1099 or on no form at all.  

Level 1
Apr 3, 2024 12:25:14 PM

Yes. I can issue the 1099 to myself, or not. I just don't see what the difference is.

Expert Alumni
Apr 3, 2024 12:34:04 PM

You don't need to issue a 1099 to yourself.   If you are filing a Schedule C, you enter your business expenses directly on the form.    How does starting a business affect my taxes?