3 ms·
One similar thing is getting a 1099-MISC for 'side work' in the USA For example, I'll do some hands-on work for a former employer. Rack some network equipment,
by bluedino 3y ago
One similar thing is getting a 1099-MISC for 'side work' in the USA
For example, I'll do some hands-on work for a former employer. Rack some network equipment, go investigate something, install some hardware...They take it from there, I can bill a couple hours and it's a nice dinner for my wife and I.
However, if I hit a certain threshold ($600?), they will send me a tax form and I'll then have to pay income tax on that money.
- dragonwriter 3y ago> However, if I hit a certain threshold ($600?), they will send me a tax form and I’ll then have to pay income tax on that money. No, the threshold at which you have to include the income in your taxable income ($400/yr) is lower than the threshold for the person paying you to provide a 1099-MISC ($600/yr from that payer.)
- bombcar 3y agoDon't you always have to include the income even if you don't get 1099'd? The $400 is only if it's your only income, otherwise plumbers could always charge $399 a visit and never pay tax.
- gottorf 3y agoThe threshold at which you have to include the income in your taxable income is $0.01.