Single member LLC, filing 1040.
I have billed for and received payment for contract work with an outside company. Invoices were created and filed under Accounts Payable. I have received a 1099 Misc for the same amount. P/L is showing payment, regardless of deposit status, which I have currently backed out/deleted.
How do I avoid double payment/double taxes? To me, it looks like I have received payment, and also need to file the 1099misc, which would be double payment on my taxes.
Talk to me like I am a 5 year old. :)
Thank you.