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.
How Important Are Relationships in Business?
How Important Are Relationships in Business? What makes a great leader? There are several answers to this question and it really depends on whom you ask. I meet with many great business leaders and while they often identify many of the same qualities of great leadership no two answers are exactly the same. It usually…
Using Technology To Improve Business Outcomes
Using Technology To Improve Business Outcomes Just about everyone loves technology. Technology is designed to make things better. Whether it’s a computer, a coffee maker, a washer and dryer, a smartphone or a smart car, technology is constantly changing and improving. The very purpose of technology is to make something easier or better than the…
How to Make Your Nonprofit Vision Happen
How to Make Your Nonprofit Vision Happen Many high-net-worth individuals come to the realization that they want to do something good and noble with their money. They understand that they are fortunate to be in their particular circumstances and they want to give something back. There are many ways to do this, from donating money…
Best Luxury Hotels in America
Best Luxury Hotels in America Luxury Hotels If you’re like most people then you love to get away from time-to-time and check out exotic locations all over the world. There’s nothing quite like a relaxing vacation where you can leave all your worries behind for a few days and get in touch with your lazy…