Tax Question

Damage Inc · Post by **Damage Inc** » Sat Jan 30, 2010 6:58 am

Last year was my first year in the NFBC so please forgive me if this question is redundant.

I filled out the 1099 and received my check...

Will I be receiving a additional tax form to include with my 2009 taxes?

Thanks.

GYOZTES · Post by **GYOZTES** » Sat Jan 30, 2010 8:40 am

You will receive a 1099 in the mail-it does not have to be filed with the IRS. Unless you do this professionally you should be declaring the winnings as hobby income. You can deduct hobby losses not to exceed winnings as an iitmeized deduction (subject to the 2% floor).

Chest Rockwell · Post by **Chest Rockwell** » Sat Jan 30, 2010 11:48 am

you are going to want to give your tax provider a copy of all expenses. IE your travel money to the event if applicable.

GYOZTES · Post by **GYOZTES** » Sat Jan 30, 2010 2:53 pm

if you have a tax preparer/accountant/lawyer they will recommend you keep all documentation and receipts in a safe place not to exceed the statute of limitations for the tax year in question. It is not usual or advisable to transfer original documentation and receipts to your preparer/accountant/lawyer-they will make copies if they need them for their files.