Posted by John_NorCal on 12/15/09 8:16pm
Msg #314536
Do you get 1099's?
Learned something today in my Federal tax update seminar, it will come in handy in my tax practice. I sometimes get clients who receive a 1099 for some activity that is totally unrelated to their normal normal livelihood. Usually these 1099-Misc are entered as self employment income and subject to SE taxes. Recent rulings have been made where those types of 1099's are income not subject to SE. Say for instance you as a signing agent are invited to speak at a gathering (xyz convention? ;-)) to extol the virtues of being a signing agent and then receive a 1099 for $1,000. If your normal business is not as a public speaker of notary signing business then that $1000 may not be subject to SE tax but is instead reported as other income on your 1040. Whether this applies to you or not, it all depends.......... :-)
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Reply by Susan Fischer on 12/15/09 10:44pm
Msg #314553
I love my SocSecurity, and in 2.5 yrs, my Medicare as
well. I've always paid my max into both programs - and happy I did, and do.
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