1099's and the under $600 rule... - GoFuckYourself.com

StickyGreen · 08-09-2005, 07:00 PM

Ok, so if you make less than $600 with one company then you do not need to report that money to the irs. But lets say for example, that you made exactly $500 with 10 different companies which would be a total of $5,000 revenue. Under this rule is it safe to say that the person in this example does not have to report any of the $5,000 since each portion of the total was under $600 with different companies?

woj · 08-09-2005, 07:03 PM

I think the $600 rule means that the company is not required to send you 1099 form if it's under $600, but you are still required to pay taxes on that income...

08-09-2005, 07:04 PM

You still have to report it. They just aren't required to send out a 1099, or whatever the hell it is called in the U.S.

StickyGreen · 08-09-2005, 07:09 PM

Well i guess i'm trouble from last year then lol. So how exactly does it work though? Just add up how much you made from each check during the year and tell the IRS the amount?

StickyGreen · 08-09-2005, 07:13 PM

Since I didn't report any income for last year, when April 06 comes around do I report everything after Jan 1st 2005 or everything after April 15th 2005?

tungsten · 08-09-2005, 07:15 PM

thank god i dont do my own taxes lol

Sosa · 08-09-2005, 10:31 PM

you still report all income.. no matter if you get a 1099 or not.

go talk to an accountant

media · 08-09-2005, 10:32 PM

Alot of companies will still send you a 1099.. I've gotten a 1099 for $1.26 before...

bdld · 08-09-2005, 10:39 PM

you have to pay your taxes on every penny you earn. some sponsors will not send you a 1099 no matter how much you make.

V_RocKs · 08-09-2005, 10:59 PM

Well, the only way the IRS knows you made money is when a company sends the IRS a copy of your 1099. A company does not legally need to send one if they paid you less than $600 in the year. Most companies won't send it if this is the case.

A lot of self employed people do not report this income since there is no record of it.

Not reporting it as income will get you an audit if you have some old lady who likes to report everything for some fuckin reason. In most cases, if you don't get a 1099 and you haven't moved recently or some shit that could cause it to get lost in the mail system, then the IRS didn't get one either.

StickyGreen · 08-09-2005, 11:33 PM

Quote:

Originally Posted by StickyGreen

Since I didn't report any income for last year, when April 2006 comes around do I report everything after Jan 1st 2005 or everything after April 15th 2005?

Can someone explain how this would work?

jonesy · 08-10-2005, 12:31 AM

Quote:

Originally Posted by StickyGreen

Ok, so if you make less than $600 with one company then you do not need to report that money to the irs. But lets say for example, that you made exactly $500 with 10 different companies which would be a total of $5,000 revenue. Under this rule is it safe to say that the person in this example does not have to report any of the $5,000 since each portion of the total was under $600 with different companies?

Since I didn't report any income for last year, when April 2006 comes around do I report everything after Jan 1st 2005 or everything after April 15th 2005?

can someone explain how this works?

why the fuck would you ask a tax questions on a board like this?

E Guru · 08-10-2005, 12:44 AM

Quote:

Originally Posted by StickyGreen

Ok, so if you make less than $600 with one company then you do not need to report that money to the irs. But lets say for example, that you made exactly $500 with 10 different companies which would be a total of $5,000 revenue. Under this rule is it safe to say that the person in this example does not have to report any of the $5,000 since each portion of the total was under $600 with different companies?

Uhh,

Get a lawyer and an accountant
If you get audited, its going to hurt

E Guru · 08-10-2005, 12:47 AM

Quote:

Originally Posted by V_RocKs

Well, the only way the IRS knows you made money is when a company sends the IRS a copy of your 1099. A company does not legally need to send one if they paid you less than $600 in the year. Most companies won't send it if this is the case.

A lot of self employed people do not report this income since there is no record of it.

Not reporting it as income will get you an audit if you have some old lady who likes to report everything for some fuckin reason. In most cases, if you don't get a 1099 and you haven't moved recently or some shit that could cause it to get lost in the mail system, then the IRS didn't get one either.

Well banks report their financials also
They have to report where the money came from, where it went, ect...
If you have a bank account they will know

detoxed · 08-10-2005, 12:48 AM

Until they do a random audit on you and see all these checks and wires coming into your bank account.... that were never mentioned on taxes... hmm

StickyGreen · 08-10-2005, 01:02 AM

Quote:

Originally Posted by StickyGreen

Since I didn't report any income for last year, when April 06 comes around do I report everything after Jan 1st 2005 or everything after April 15th 2005?

So no one can explain how this works?

bringer · 08-10-2005, 01:04 AM

Quote:

Originally Posted by StickyGreen

Since I didn't report any income for last year, when April 06 comes around do I report everything after Jan 1st 2005 or everything after April 15th 2005?

the tax year begins jan 1st

Manowar · 08-10-2005, 01:08 AM

uh-oh

the IRS like to break balls

blazin · 08-10-2005, 01:35 AM

Better be safe than sorry... pay your taxes

je_rome · 08-10-2005, 01:41 AM

yeah.. that's the safest thing to do.. pay your taxes. thanks for the updates here.

vvq · 08-10-2005, 02:10 AM

www.turbotax.com

StickyGreen · 08-10-2005, 02:15 AM

is paying your taxes a confidential thing as long as you're over 18?

aleck · 08-10-2005, 02:55 AM

Quote:

Originally Posted by V_RocKs

Well, the only way the IRS knows you made money is when a company sends the IRS a copy of your 1099.

only if you get paid by cash-in-mail.

08-09-2005, 07:00 PM	#1
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	1099's and the under $600 rule... Ok, so if you make less than $600 with one company then you do not need to report that money to the irs. But lets say for example, that you made exactly $500 with 10 different companies which would be a total of $5,000 revenue. Under this rule is it safe to say that the person in this example does not have to report any of the $5,000 since each portion of the total was under $600 with different companies? __________________ Refer Cam Girls and Take Home 10% of Everything They Make For Life

08-09-2005, 07:03 PM	#2
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	I think the $600 rule means that the company is not required to send you 1099 form if it's under $600, but you are still required to pay taxes on that income... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

08-09-2005, 07:09 PM	#4
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	Well i guess i'm trouble from last year then lol. So how exactly does it work though? Just add up how much you made from each check during the year and tell the IRS the amount? __________________ Refer Cam Girls and Take Home 10% of Everything They Make For Life

08-09-2005, 07:13 PM	#5
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	Since I didn't report any income for last year, when April 06 comes around do I report everything after Jan 1st 2005 or everything after April 15th 2005? __________________ Refer Cam Girls and Take Home 10% of Everything They Make For Life

08-09-2005, 07:15 PM	#6
tungsten Too lazy to set a custom title Join Date: Mar 2004 Posts: 10,579	thank god i dont do my own taxes lol __________________ VOYEUR /HOMEMADE, HENTAI / CARTOON, Reality, Amateur, Shemale, Hardcore, Cuckold, Celebrity, Retro/Vintage, ect...ALL OUR SITES >> Unbelievable Ratio \| High % of Rebills \| Bi-Monthly Payments (also to E-Passporte) Ton's of EXCLUSIVE Free content & FHG's \|=> GREAT REVENUE $$$ GUARANTEED!

08-09-2005, 07:04 PM	#3
evildick Guest Posts: n/a	You still have to report it. They just aren't required to send out a 1099, or whatever the hell it is called in the U.S.

08-09-2005, 10:31 PM	#7
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	you still report all income.. no matter if you get a 1099 or not. go talk to an accountant

08-09-2005, 10:32 PM	#8
media Confirmed Moneymaker Industry Role: Join Date: Apr 2002 Location: Eugene, OR It's Like Jail, Only with Trees! Posts: 9,853	Alot of companies will still send you a 1099.. I've gotten a 1099 for $1.26 before... __________________ I'm here for the violence!

08-09-2005, 10:39 PM	#9
bdld $100,000 Join Date: Dec 2001 Posts: 11,452	you have to pay your taxes on every penny you earn. some sponsors will not send you a 1099 no matter how much you make.

08-09-2005, 10:59 PM	#10
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,428	Well, the only way the IRS knows you made money is when a company sends the IRS a copy of your 1099. A company does not legally need to send one if they paid you less than $600 in the year. Most companies won't send it if this is the case. A lot of self employed people do not report this income since there is no record of it. Not reporting it as income will get you an audit if you have some old lady who likes to report everything for some fuckin reason. In most cases, if you don't get a 1099 and you haven't moved recently or some shit that could cause it to get lost in the mail system, then the IRS didn't get one either.

08-10-2005, 12:48 AM	#15
detoxed vip member Join Date: Jan 2003 Posts: 17,798	Until they do a random audit on you and see all these checks and wires coming into your bank account.... that were never mentioned on taxes... hmm

08-10-2005, 01:08 AM	#18
Manowar jellyfish Join Date: Dec 2003 Posts: 71,528	uh-oh the IRS like to break balls

08-10-2005, 01:35 AM	#19
blazin Confirmed User Join Date: Aug 2002 Posts: 2,781	Better be safe than sorry... pay your taxes

08-10-2005, 01:41 AM	#20
je_rome Confirmed User Join Date: Jul 2005 Posts: 6,846	yeah.. that's the safest thing to do.. pay your taxes. thanks for the updates here. __________________ Make money on any traffic. Join KlikRevenue.com Today!

08-10-2005, 02:10 AM	#21
vvq Confirmed User Join Date: Feb 2004 Location: TrafficGigolos.com Posts: 2,732	www.turbotax.com __________________ SQUIRTING - LESBIAN SPANKING - TITTY FUCKING - WET PANTIES - MORE We offer free hosting, your own designer (works for free), and unsaturated content for gallery and free site submitters. Just contact me! E-mail: [email protected]

08-10-2005, 02:15 AM	#22
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	is paying your taxes a confidential thing as long as you're over 18? __________________ Refer Cam Girls and Take Home 10% of Everything They Make For Life