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Old 07-29-2008, 12:05 PM   #1
BIZMANRACING
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Location: east brunswick, new jersey
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Default Sponcer money..... 1099 ????

i have a question and i figure if someone knows the answer would be in this forum.

no i'm never really going to get sponcer money, i'm not that lucky and i will not put the effort in to ask for it. frankly, i don't have the time. and that is part of my question.

i am a finance manager for a car dealership. part of my income comes from the venders that i do business with. if i use a certain bank for loans or sale certain products i would get a check at the end of the month, a"kick back" if you will. then at the end of the year a 1099.. now that check i get is currently is" pay to the order of my name". but, my "handler" says that he gives checks to "abc auto group" or high finance llc. or what ever i they tell him to make it out to. so with that thought in mine, could i look at these 1099' s as "sponcer dollars" and write off some expenses from racing after all who is to know what they are for. just another self employed event NO?

for those of you who get sponcer money, how does the company indentify to the IRS that you got that money. is it a 1099, or is it something else? and how do you advise the IRS of your actions for that money?

does anybody know? also would i then have to file a separte tax return as "abc auto group" or could i include it as my own money???

hard topic. but if i can write off some money it would help me out alot.

PM me if you think thats a better way of telling me. thanks
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