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.
Doing Business in the United States
Doing Business in the United States By Alan Olsen, CPA 67 Pages $24.95 + $2.00 S/H Alan L. Olsen, CPA, MBA (tax) Foreign Corporations, Individuals and Trusts The booklet can be purchased vis this “link“. It discusses the basic issues of foreign corporations and individuals wishing to do business in America. This booklet contains detailed…
The Wash Sale Rule of Capital Gains Tax
The Wash Sale Rule of Capital Gains Tax Awash sale is a trading activity in which shares of a security are sold at a loss and substantially identical security is purchased within 30 days. The subsequent purchase could occur before or after the security is sold, creating a 61-day window that must be monitored to…
Employers linking employee premiums to health screen programs
Employers linking employee premiums to health screen programs As more employers require employees to take greater financial responsibility for their own health care as part of the consumerism movement, some employers are going even further, tying employees’ premium contributions to their participation in health risk appraisals and, in some cases, to improvements in health status.…
Persistence – Use Good Judgment
Persistence – Use Good Judgment Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan “Press…