Make Sure You Report All of Your 1099 Income
With the job market continually fluctuating, it seems that more and more people are creating their own jobs. Whether it’s starting your own company, doing some extra business on the side, or working as a freelance private contractor, a growing number of individuals are earning self-employment income.
The extra income is surely nice, whether it’s to help make ends meet or to add a little more cash to your savings. However, with all that extra income, you have to be sure you are reporting it. Failing to do so can cost you with the IRS.
Even though you won’t get a W2 for this kind of income, you still need to report it. You should receive a Form 1099-MISC from anyone with whom you do $600 or more of business in a given year. Even if a company doesn’t send you a Form 1099 you are still responsible to report that additional income. Likewise, if you earn less than $600 that doesn’t mean you don’t have to report that income; it just means you won’t get a 1099 for it.
If you are self-employed then you will need to use a Schedule C with your Form 1040 when you file your taxes. You are also responsible for the 15.3 percent self-employment tax. There are a lot of questions and concerns when it comes to self-employment and the forms that go with it. We can help you with all your tax planning and tax filing needs, so give us a call today at 1-877-CPA-2006, or click here.
Inspiring Others to Succeed | Ray Dillon
About Ray Dillon Ray Dillon began his career as a process engineer working for the Zellerbach Corporation in Bogalusa, Louisiana. As Ray began his career the mill he was working at was just starting to modernize- an enviorment which Ray as a young engineer thrived in. He quickly rose through the ranks and eventually…
RockTape: Go Stronger Longer | Greg van den Dries
About Greg van den Dries Greg van den Dries is the founder of RockTape, a company that produces kinesiology product to allow injured athletes to remain active. The company started in 2009 and has grown exponentially. Currently it has 13 international offices that service 60 different countries. RockTape is Greg’s 7th startup company. Prior to…
The Man Who Pioneered the Knee Replacement | Dr. E. Marlowe Goble
About Dr. E. Marlowe Goble Dr. Goble has over 30 years of experience as an orthopedic surgeon and has performed over 14,000 surgeries over the course of his career. innovator and entrepreneur. He has co-founded five companies, of which three have been acquired. He has brought a number of innovations from concept to the…
Parachut The Netflix of Camera Gear | Melissa Nui
About Melissa Nui Melissa started her career working for the Seattle Seahawks in broadcast journalism. She ultimately decided to leave the industry and became a mother of three. In 2016 she and her husband Philip ventured out to start their own company, Parachut, a camera gear subscription service that has taken the industry by…