Life Income/commission taxing help!!!

**Buehler445** · 01-31-2011, 01:53 PM

It depends on when it goes through. If you don't close until August or something it may be prudent to defer some of that income. I've never done any taxes with commission, and according to GAAP, you'd need to claim it, but if this is a one time thing and there is a way to defer some income, it may be worth checking out.

You should also make sure that you're on their payroll as an employee not a contractor. If they send you a 1099, you'll likely be on the hook for SE taxes. I can't think they'd put you on as a contactor, but like I said, I've never had to fool with commissions.
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01-31-2011, 01:53 PM	#9
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $-1375266	It depends on when it goes through. If you don't close until August or something it may be prudent to defer some of that income. I've never done any taxes with commission, and according to GAAP, you'd need to claim it, but if this is a one time thing and there is a way to defer some income, it may be worth checking out. You should also make sure that you're on their payroll as an employee not a contractor. If they send you a 1099, you'll likely be on the hook for SE taxes. I can't think they'd put you on as a contactor, but like I said, I've never had to fool with commissions. Posted via Mobile Device
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