How to Keep Detailed Records for Your CPA

The 1099 miss is when you pay a contractor over $600 and they don't show up on your tax return. Brad: "I don't think you have to do the 1099 miss, but that's just the way to pay contractors" He says he has scanned receipts in his files for many years now with an expense line item as an deduction. But does it actually work out this way? Does your child then have to pay taxes on that thereby negating whatever benefit or savings she gets from her business? 'It's not a zero sum game,' said Brad.