Any Tax experts here?

  • We are currently upgrading MFK. thanks! -neo
W

Warborg

Goliath Tigerfish
MFK Member
Sep 2, 2009
3,340
2,157
179
Austin, Texas
My wife is saying she heard that if you make less then a $1,000 in a business that you don't have to claim it/pay taxes for it...is this true?

She started her own small business late last year and didn't make much. So, if true that would help us.

Thanks
 
No not necessarily true. If she recieved more than $600 from a place they would have to 1099 her. Also depends on if you are sayin profiting after expenses?

Sent from my SPH-L710 using MonsterAquariaNetwork App
 
She uses her computer at home...She does pay for software monthly but after that there really isn't any other expenses
 
Did anyone 1099 her? If not why claim anything. But there are all kinds of expenses that will drive down her income. Mileage donations electricity cell phone part of house if certain room was desinated for business use only.

Sent from my SPH-L710 using MonsterAquariaNetwork App
 
just dont report it. i did that on some of my stuff. got back a fair amount. win win
 
If you dont make a certain amount you dont have to file, I'm not sure what that amount is this year as I quit accounting five years ago. If she did not incorporate her business then it is personal income and needs to be accounted for on your personal return. If she received cash payments it will be tough to prove she earned the money, check or electronic payment are very easy to prove. Do to the small amount it might be easier to just pay the tax, if you are audited in five years the fines and interested are calculated based on when you file, not the audit date.
 
You must log in or register to reply here.
MonsterFishKeepers.com
Top Bottom