What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?
November 18, 2022
Hosted by Marcelino Dodge, EA
Soon you will be receiving your W-2 and some bank interest. Thinking you have all your forms you need to go to your tax professional and have your taxes filed. Then, the day after your tax return is sent to the IRS a form 1099 with the letters “NEC”, “MISC”, “K”, or some other letter appears in your mailbox. What do you do? Is there anything you need to do? Should you have been expecting the form? Is the form correct? As these questions pass through your mind you think back to earlier this year and finally figure out what could have generated the 1099. But, what do you do now? Having a tax professional, not just a tax preparer or a “tax expert”, working with you could have prevented this unexpected surprise. Learn how to deal with these now and how to prevent such surprises in the future.
The Tax Answers Advisor
Thursday at 9 AM Pacific Time on VoiceAmerica Business Channel
The tax world is always revolving and changing. How does the taxpayer keep up with both individual tax and business tax changes? The year 2020 saw thousands of pages added to the tax code. We help our listeners to understand the importance of using a licensed, credentialed tax preparer, such as an Enrolled Agent (EA), to prepare their individual tax returns and their business tax returns. You will learn how a proactive approach to rapidly changing tax laws will help you to pay the least amount of income tax possible. You’ll learn by working year-round with an Enrolled Agent. You can maximize both your tax deductions and your tax credits. Together we can help you create tangible strategies to achieve financial success and increase cash flow. By strategic planning and implementation, you can keep tax liability down in the future no matter what Congress does. The Tax Answers Advisor can be heard every Thursday at 9 AM Pacific Time on the VoiceAmerica Business Channel.
Marcelino Dodge, EA
Marcelino Dodge, an Enrolled Agent since March 2006, is an experienced tax professional who has over 21 years of experience. An enrolled agent is a federally licensed tax professional who is authorized to represent taxpayers before the IRS. Mr. Dodge owns and operates Cash Tracks Financial Inc., a tax, accounting, life insurance and investment advisory business.
Mr. Dodge has been life insurance licensed since 1995 and investment licensed since 1996. He is uniquely qualified with a background consisting of more than just accounting and tax preparation. He is knowledgeable in many types of employee benefits programs including retirement plans and health insurance programs. Marcelino is uniquely qualified to speak authoritatively on how tax, insurance and investments all work together.
Marcelino has become an Intelligent Solutions Management Advisor (ISMA). As an ISMA, Marcelino now works together with clients year-round to take advantage of tax law changes and to implement proactive tax saving strategies. Plus, by working together year-round he helps individuals and businesses increase they cash flow. He has prepared tax returns for individuals, sole-proprietors, corporations, LLC’s and partnerships. He has been a member of the National Association of Tax Professionals since 2011, and was voted the Lamar (Colorado) Ledger’s People’s Choice Tax Preparer for 2016 and 2017. He holds a Bachelor of Science Degree from Colorado State University in Pueblo.