Every year at the end of January Xstream Travel prepares a 1099 for the previous year's earnings to every agent who earned over $600 using the most recent W9 received, and the address on the agent's profile.
I did not receive a 1099
If the agent did not earn more than $600, the IRS does not require we send/prepare a 1099. The agent can review their yearly earnings from their Booking Desk and XstreamCRM under the Reporting tab.
As of January 2022 we’re pleased to inform you that we post your (1099-NEC) to your Xstream Agent hub for you to download directly! After January 31st you can login to your Xstream Agent Hub. Once logged in, simply select the tools tab then 1099 from the drop down for your download.
Can I receive a physical copy of my 1099?
If you would like to receive a copy of your 1099 tax form by mail, please send us an email to Xstreamtravelsup@xstreamtravel.com with that request. NOTE: Tax forms will be mailed to the address as shown on your Xstream agent hub profile. Please review the address and make corrections, if needed. Fees may apply for a printed copy request.
If you have questions or concerns about the information listed in your tax form, please contact us immediately.
Will my 1099 show how much I paid in monthly fees?
No. The 1099 shows how much commission the agent earned for the previous year.
No. The 1099 shows how much commission the agent earned for the previous year.
Where can I find information on what I paid in yearly and monthly fees?
On your Xstream Agent Hub click on the Booking Desk Tab, and then select "Order History." This report will also show you any payments made for Xstream Xperiences as well!
Where can I find a breakdown of my commission?
A breakdown in commission is not located on a 1099. The agent can view a breakdown of commission that includes amount, date received, and confirmation associated to each amount from their Xstream Agent Hub and also ther CRM. Click on the Booking Desk tab then scroll down the page to where it says "Weekly Commissions." The agent can then access each week's payment information for each week they were paid.
For anything paid through the CRM, you will see a full breakdown by pulling your Commissions Paid and Received Report from your CRM.
Filing Taxes
It's essential to understand the potential benefits available to us as travel agency owners. Here are the top 10 tax advantages that could significantly benefit our business:
- Deductible Expenses: As a travel agency owner, you can deduct various business expenses such as office rent, utilities, marketing costs, travel expenses for business trips, and professional development.
- Home Office Deductions: If you work from a home office, you may be eligible for deductions on a portion of your mortgage/rent, utilities, insurance, and maintenance costs.
- Travel Deductions: Given the nature of your business, you can often write off travel-related expenses, including visiting destinations for research purposes or attending industry events.
- Technology Expenses: Deductible expenses cover technological investments such as computers, software, website development, and other tools necessary for running your agency.
- Insurance Premiums: Premiums for business insurance, liability coverage, or errors and omissions insurance are typically deductible.
- Professional Services: Fees paid to accountants, lawyers, or consultants for business-related services are deductible.
- Education and Training: Costs associated with improving skills or attending training programs directly related to your business can be deducted.
- Advertising and Marketing: Costs for advertising campaigns, website promotion, social media ads, and other marketing efforts are deductible.
- Equipment and Supplies: Deductions apply to the purchase or lease of office equipment, furniture, and supplies essential for daily operations.
- Retirement Plans: Contributions to retirement plans, such as IRAs or SEPs, can be deducted, providing tax benefits while securing your future.
Always consult with a tax professional or accountant familiar with small business tax laws to maximize deductions and ensure compliance with tax regulations. The tax benefits for travel agency owners can vary based on specific circumstances and regulations.