1099?

Hi Everyone! Do any of the msc's 1099 you if you make under $600.00 a year with them?

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They are not required to. But it is pretty irrelevant whether they send one or not because you are required to claim all of your earnings anyway.

Never have gotten one when income is less than $600. That's income, not including reimbursement. But Flash is right. You have to claim every single penny of your income -- even bartering income if it's a regular occurrence or a club. Save all your receipts so that you can write off your income. And keep a log in your car to write down mileage when heading for a job -- most all of my MS income comes off just with the mileage.

If you are paid through PayPal, you will not get a 1099 from the MSC regardless of the amount you were sent. And the threshold for PayPal to send you a 1099-K is $20,000 [www.paypal.com] (all funds sent, fees + reimbursements) but you still have to report all fees received (and I would suggest reporting the reimbursements also and then listing them again as expenses on your Schedule C so that they balance out.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

Edited 1 time(s). Last edit at 09/24/2015 11:57AM by myst4au.

Thanks everyone. Do you guys have accountants? If not, how do I learn to do it myself?

Take an online course or attend a class at a community college or something. I took a small business class a few years ago but I choose to pay someone these days because I have better things to do with my time than try to decipher all the new tax laws every year.

I use TurboTax. I do not use an accountant, and personally choose not to go to one of the national chains because IMHO, the quality of the personnel varies greatly and I would have to do most of the work in advance anyway and the cost would still be (in my opinion) exorbitant.

I suggest that you buy a version of TurboTax which does Schedule C, and try it out early. You can always decide that you need professional help if you find it overwhelming.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

Last year, I used TaxAct. Usually, I e-file directly on the IRS website. While it can be complicated, if I follow the line-by-line instructions, I really don't find it difficult to do. It really depends on the individual, though, whether the expense of a CPA or other tax preparer is worth the time/headache savings.

I vote "no," but some others would adamantly say "yes."

during tax season.

Edited 1 time(s). Last edit at 09/30/2015 11:37PM by Sybil2.

[www.irs.gov]
[www.irs.gov]

The two links above, the first is for the Schedule C form, the second is for the instructions for Schedule C. These are both from the 2014 tax year as 2015 are not yet available. You can expect there will be only minor changes between 2014 and 2015.

I use TurboTax to do my taxes and it makes sense to look at the new instructions from IRS each year even though TurboTax will guide you through the whole process including any changes.

@Sybil2 wrote:

Since I have a FT job and PT work in more than one field, I am one of the adamantly "yes" people. Yes, there is an expense involved but it is tax-deductible as a business expense for the following year. Since I keep meticulous records in Excel for all expenses, payments, mileage, etc. throughout the entire year, I do not spend much prep time during tax season.

Hey, im new to this and i was wondering how you file everything? Like anywhere from milage/expenses to CPI's/payments.
Thanks!

Edited 1 time(s). Last edit at 09/25/2015 06:10PM by ThatGuyKevin.

If you are in the US you will file a Schedule C for your business with your regular tax return.

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