I've had a difficult year and can't afford my accountant to do my taxes this time around so I have to go it alone. He understands and knows that I
have to do what I can to survive.
I have something listed on line 6 of my schedule L. It's an employee advance given to me and has been on the last 3 returns. I want to get rid of it legally.
Could I 1099 myself the amount, pay taxes on it (and do I have to pay fica on it) and be done with it or is it more complicated then that?
Any help would be greatly appreciated. Since I had such a bad year it would be the right time for me to clear up the books of this because my income is lower then normal.
Thank you.
I have something listed on line 6 of my schedule L. It's an employee advance given to me and has been on the last 3 returns. I want to get rid of it legally.
Could I 1099 myself the amount, pay taxes on it (and do I have to pay fica on it) and be done with it or is it more complicated then that?
Any help would be greatly appreciated. Since I had such a bad year it would be the right time for me to clear up the books of this because my income is lower then normal.
Thank you.
