Posted by Michele Alcala on 1/23/07 8:34pm
Msg #172306

1099's

How much income do you have to have to receive a 1099 from a company? Is it for any signing? over a certain amount? This is my first year filing my expenses and income. Any info would be great.

Reply by LisaWI on 1/23/07 8:46pm
Msg #172309

Re: 1099's-Michelle

any income from all sources you receive is the income you have to report. A company can send you a 1099 for $100 if they want to. What I was told by a IRS Rep was that your 1099's cannot exceed what you claim on your taxes for income. Hope that makes sense.

Reply by LisaWI on 1/23/07 8:56pm
Msg #172311

Re: 1099's-Michelle

If you kept records on the signings you did, just add them up and thats your income. If in doubt get an accountant to help you. Taxes can be tricky when your self employeed.

Reply by OR on 1/23/07 11:12pm
Msg #172334

Re: 1099's-Michelle

I have recived several 1099's and the amount that the business owner can pay you before giving you a 1099 is $601.00. They are not required less then $600.00. You are required to report all money earned.

Reply by TonyV on 1/23/07 9:33pm
Msg #172322

Some gouge... Re: 1099's

You do not need 1099s. IRS requires you claim any income over $400.

If you are self-employed as a sole proprietor or independent contractor use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. For information about figuring earnings on Schedule C or C-EZ, see Publication 334.

The 1099 is just the form companies use report payments to contractors. Their regular employees get W-2 forms. if you do not receive them, still claim your income in schedule C; a matter of integrity.

Tony Velasquez
http://www.vipmobilenotaries.com

Reply by Roger_OH on 1/23/07 10:27pm
Msg #172330

IRS REQUIRES companies to issue you a 1099 if they paid you over $600 for the year; but they may or may not issue them to you for under that amount. You, however, are required to report ALL your income to the IRS, even what you didn't receive a 1099 for.

The notary portion ONLY of your fee is not subject to SE tax, so you will have to separate those out. Programs such as TurboTax have the notary SE deduction built in.

Reply by James H. Lissemore on 1/24/07 6:57am
Msg #172341

Not reporting income is a felony.
Expense deductions can be challanged by the IRS and may be disallowed. That can fine you and impose penalties but it is not a felony.

Reply by Jersey_Boy on 1/24/07 8:26am
Msg #172346

Not Just a Felony....

But a good measure at getting your notary commission revoked. Not claiming all of your income on your taxes constitutes fraud. Notaries found guilty of fraud can and will have their commissions revoked.

Lie on your taxes, and lose your commission...
Be honest on your taxes, and keep your commission...

hmmm.... decisions, decisions....

Reply by Michele Alcala on 1/24/07 9:27am
Msg #172352

Re: Not Just a Felony....

Thanks for all the information. n/m