End of the year commish!

Re: A ct

rouse..if you dont learn from the past you are doomed to repeat it..duh lol:geek:

Nobody said anything about not learning from the past but how is saying, "I made more (or less) money this year than last" learning anything? It is a senseless question that may be fun to play with but it has no real value or meaning. duh.. :skeptical:

If you are really interested in learning from the past and building a better future, then your questions should have been, "What mistakes did you make last year and how will you correct them this year?" Or, on the positive side, "What did you do right last year and how can you build on it to make it even better?" Asking relevant questions that invite thoughtful, informative answers can put help put money in your pocket if you act upon that knowledge. Answers to trivial questions like, "How much did you make" will not make you a dime.

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Are we suppose to have a plan for next year already?:swoon:

You can use the one you had last year.. and the year before.. Then, when you retire you can be like me.. One year's experience repeated 42 times.. :yes:
 
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I am up in commish.Also overides are sticking at 18%. for the next 7 years. Maybe retire in 2017. started Insurance in May 1982 may just go part time. Captive for 29 years never touched my 401k or my pension. My 1099 started in 2005.
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The other half of the carriers report your earned commission.

You will probably see that these carriers report earned/paid commissions because they treat the advances as loans and charge interest on your advances. Remember, loaned money is not earned money.

The carriers that 1099 on money received (including advances) usually do not treat the advances as loans and charge no interest. We see this all the time in the P&C side of the business as most of the P&C carriers do not charge interest for advances.

I see this on the Life and Health side also.....EX: Transamerica/Monumental charge interest on their advances and 1099 on the earned premium.
 
Some do charge interest, some don't.

One of my goals this year is to migrate at least half of my business over to as earned by the end of the year.

While the advances are a real help for immediate cash flow, having as earned creates a highly predictable cash flow and eliminate the angst caused by the occasional charge back.

Sent from my iPhone
 
My company (S-Corp) gets a lot of 1099's. Sent from my iPad using InsForums

Ya my S-corp gets them to. My CPA always goes by total deposits in my business account not 1099s. She said if you get audited the first thing they will want to see is your deposit statement into your account then they will go from their.
 
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