Taxes are a pain this year…
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Karla has a 1099 NEC from the one company she subbed for. The other company had switched her from a 1099 to a W-2 mid 2024. She bought that company in July…And then started taking owner disbursements in August. I have to decide whether to muddle through the income and expenses of that on a Schedule C, or file separately for the business.
On top of that, Lucas was a full time student through May, part time student over the summer, and not a student at all in the fall (and is back to being a part-time student this year). He made a good amount of money last year, but I think I can still claim him as a dependent… He was full time for 5 months, and I don’t believe there is any limit on income, so long as I provided him with most of his support, right?
Then there’s the whole tip thing… Karla’s 1099’s never included any tip designations, and it was irrelevant. Her 1099 NEC she received this year did not include a tip box.
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And we actually did, this year. I’m just backing it up as an audit. If our numbers match well enough, I will continue doing it. If we don’t, then it gets interesting.
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