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  • End of Dec gig taxes

    Question...do you guys normally include gigs where you played them in Dec but didn't get paid until Jan on the current year or next year's taxes?



    For example, we played gigs on Dec 28/29 and I haven't gotten the check yet. I'm not sure whether the venue is going to issue it on my 1099 for 2012 since that's when we played the gigs, or for 2013 since that's when we're receiving payment.



    I know I can call and ask to get the for sure answer...but I'm wondering if there is a general standard for this type of situation.
    Christian

    SpaceCat
    www.spacecatband.com

    "When the power of love overcomes the love of power, the world will know peace." - Jimi Hendrix







    Originally Posted by wheresgrant3


    Our singer is basically butchering the Grade A material into deli meat, but don't fear... the crowd is there for big sandwiches.

  • #2
    Well since you shouldn't file your taxes until you get the 1099 I would wait and see. If when you get the check it is dated for last year I would guess it would be on your 2012 1099.

    Comment


    • #3
      Most individuals operate on a "cash" basis, rather than an "accrual" basis for income tax purposes. The income is reported in the tax year it is received, not the year it was earned.



      As Modulusman suggests, you may want to see if the venue sends you a 2012 form 1099 for the payment, and treat it accordingly.



      Mark C.
      "Good tools are expensive. Cheap tools are damned expensive."

      Comment


      • #4
        Yeah, wait until I get the 1099 is the obvious answer, but since I'm not sure exactly when I'll get it (some of these venues tend to take their sweet time, and this is the first time I'll be getting one from this particular venue) and I have 1099s of my own to issue before the end of the month, waiting until I get their paperwork may not be an option.



        I would have guessed though, as you guys said, that it will be included on the 1099 for the year the check was issued not when we performed the service. That's the most logical way to think about it.
        Christian

        SpaceCat
        www.spacecatband.com

        "When the power of love overcomes the love of power, the world will know peace." - Jimi Hendrix







        Originally Posted by wheresgrant3


        Our singer is basically butchering the Grade A material into deli meat, but don't fear... the crowd is there for big sandwiches.

        Comment


        • #5
          Eh all moot anyway. Got the check today and it's dated Dec. 31st.



          All this hoopla for nothing.
          Christian

          SpaceCat
          www.spacecatband.com

          "When the power of love overcomes the love of power, the world will know peace." - Jimi Hendrix







          Originally Posted by wheresgrant3


          Our singer is basically butchering the Grade A material into deli meat, but don't fear... the crowd is there for big sandwiches.

          Comment


          • #6
            NYE pay is paid on the new year. (We got paid cash this year. I wasn't expecting that.) So I'll be including that with my 2013 taxes.

            Comment



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