| CMI does not issue end of year statements for your account. As a business owner, it is up to you to track your own activity of commissions and purchases. Filing taxes is basically balancing income against expenses. Please read more... |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| Do you know the difference between EXPENSES and INCOME? PLEASE choose the correct report. |
| Expenses you have generated with CMI Expenses are: generally the orders you have sent to CMI during the year. If you have not tracked the coin purchases yourself, you can order a report from us. THIS IS ABOUT THE MONEY YOU SENT TO CMI for Membership Fees and Coins. THIS IS NOT A LIST OF COINS THAT WERE SHIPPED TO YOU. Contact the CMI headquarters Coin Shipping Dept. for that information Click here for the Expense report request. The report does not list the coins you were shipped; it is only dollar amounts you spent for CMI activity. The cost is $10, payable to Mercury Services. To see a sample of the expense report, NOTE: Please plan ahead, we accept ONLY mailed in requests. We do not process over the phone. |
| EXPENSES are generally the monthly amount you sent to CMI and then any other money you spent to run your CMI business. |
| INCOME (or EARNINGS) are the commission checks CMI paid to you. |
| Important note about Expenses: You may only deduct the cost of your monthly CMI membership for your expenses. You cannot deduct the market value of the coins you have purchased. The coins themselves are not considered a business expense. Contact your local coin shop or the internet for information to calculate their value. |
| Did you know that CMI offers Tax Workshops? Please contact headquarters for more information. |
| Income you have earned from CMI You have received income from CMI if: -you have brought members into CMI -you have received a commission check IF YOU EARNED MORE THAN $600: Income must be reported to the IRS yearly. We report your income ELECTRONICALLY to the IRS, as required by law. We process, print, and mail out your Earnings Statement (also known as the 1099). If you earned less than $600, we do not report your income nor do we send you a 1099. If you lose your 1099 form, (or you earned less than $600 and still want an Earnings Report) we cannot create the 1099, but we can print you a simple report. If you want to request a report, Click Here for a 1099 reprint. If you want a detailed listing of all of your Gross Earnings, click here for a Income Detail Report THIS IS NOT AN EXPENSE REPORT. This is about your commission checks, ie EARNINGS. |
NOTE: When looking at your 1099 statement, does this amount
seem larger than you expected? This is a statement of GROSS
earnings (Commissions plus Bonuses before any deductions). Your
NET earnings were your commission checks. If you wish to purchase a
detailed Gross Income Earnings report or if you wish an Expense
Report, i.e., a statement of all your coin purchases, you must
purchase that report from the Processing Center (aka Mercury
Services). If need further assistance, please contact your accountant.
Please note that your earnings come from regular commissions AND
bonuses (in the form of dollars and bonus coins).
seem larger than you expected? This is a statement of GROSS
earnings (Commissions plus Bonuses before any deductions). Your
NET earnings were your commission checks. If you wish to purchase a
detailed Gross Income Earnings report or if you wish an Expense
Report, i.e., a statement of all your coin purchases, you must
purchase that report from the Processing Center (aka Mercury
Services). If need further assistance, please contact your accountant.
Please note that your earnings come from regular commissions AND
bonuses (in the form of dollars and bonus coins).
Tax Information