Make Sure You Report All of Your 1099 Income

Young,Husband,And,Wife,Using,Calculator,Laptop,Computer,Manage,Finances

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.

Posted in ,
Elliot Omanson - Deploying Success

Elliot Omanson – Deploying Success

Have you ever been confused with what career path you should take? Elliot Omanson know exactly what that was like. From one career to another until he became the CEO of OWLFI (a financial advisory institution). Listen as he describes his success path. Interview Transcript, Elliot Omanson – Deploying Success: Alan Olsen: Welcome to today’s…

Three Ways to Avoid Tax Audits, Expanded

Three Ways to Avoid Tax Audits, Expanded

Top three (of 10) ways to avoid a tax audit. From our series of the top 10 ways to avoid a tax audit, we thought we would go into greater detail about the first three tips.  More to follow… We’ll explain how our list was created and expand upon each suggestion.  The list was created…

Tino Go

Tino Go on how Baru is Disrupting Manufacturing

The Amazon for manufacturing has finally arrived! Tino Go, the CEO and Founder of Baru, tells his story and vision of creating AI machines which can execute the designs of your imagination. The Sky is no longer the limit anymore! Listen to how he has created a world class team and is changing the manufacturing…

10 Ways to Avoid a Tax Audit

10 Ways to Avoid a Tax Audit

10 Ways to Avoid a Tax Audit We have culled together multiple lists to identify the top 10 ways to avoid a tax audit.  We will list our top 10 at the bottom of the article.  If you’ve never been audited by the IRS, you’re likely doing a lot of things correct. However, if you’re…