Missing a 1099 is a huge reason many people get audited.
Quote:
Originally Posted by Leon
I have been writing off my Net54 dues for around 20+ yrs now. So far it hasn't been a big tax savings.
The one time I have ever been audited, I had a loss of a few k on a few cards. I counted the losses and showed the cost and sale price. They passed the audit with no issue.
Now, I did have an errant 1099 that I missed and owed taxes on. But my card losses were fine.... (except they were losses  )
ps...I have had the same CPA for about 25 yrs...worth his weight in gold. |