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 can my taxes be taken away for a judgement i owe even if my wife is part of the return?
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 I used my personal money to expand an S-Corporation to new loc.. Can I deduct this on my personal tax return?
I used my personal savings to open a new location for my s-corporation. Can I deduct the money I spent on my personal tax return?...


 Is it free to e-file if not what are the cheapest options for preparing other people's taxes?
Can a preparer efile directly through the irs for free? I work for a company preparing taxes, but we can only do 2 free returns per year. I have lots of friends and family that would like me to do ...


 I amended my tax return to remove my son, so my husband could claim him. He was denied so how do I get my $.?
I amended my tax return to remove my son, and allow my husband to claim him. I did my taxes before consuling my husband & it turned out he would have gotten the bigger return. However, despite ...


 Why on my w2 is my income less than on my last pay stub of the year?
My YTD earnings on my paystub are almost $4000 more than on my w2....


 If your spouse only made $400 all year, and you are filing jointly, do you even have to file that amount...?
What i'm asking is, is there a need to wait on his w2, I have heard that if you make under a certain amount you don't have to file?...


 Why don't we tax companies that release CO2 and use the money to pay for things that reduce CO2?
If climate change is caused by things like CO2 and methane, then why don't we apply a small tax to the causes and apply that money to the solution? If someone like James E. Hansen - the top NASA...


 How can I Apply for a Tax deferment?
I am a U.S. Contractor currently working in a combat zone in Afghanistan and want to postpone filing my taxes until next year. What forms from the IRS must i complete and submit? Thanks!...


 How does the federal income tax structure impact a businesses decision to finance with use of debt vs. equity?
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 How do people get big refunds at the end of the year? I have self-employment and I have 2 kids so why can't I?
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 i made $18,566 this year i am claiming head of house and have 1 child plus day care tax $1511?
how much should i get back also, my fiance made $16,000 last year if he claims head of household and my daughter (hes the dad) and child care tax will he get more in return? last year i got like $3000...


 Do I have to claim the compensation I was given for donating my eggs?
I did two egg donation cycles last year, receiving $11,300. The compensation is termed in my contracts as "compensation for discomfort and inconvenince" (or something along those lines, it&#...


 What tax software should I buy: Tax Cut or turbo tax?
Which one will be better for e-fillling? I'd like something really accurate and user friendly, but not sure....


 Does California have an Inheritance tax?
I think my agent is screwing ...


 i have a 2106 for they have tiution expenses and they went to a seminar out of state how would i deduct taxes
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 What is the property tax rate in Loveland, Colorado???
I'm considering buying a home in Loveland, CO and wanted to work out some numbers to make a budget. Does anyone know the current property tax rate there or around there??? I live across the ...


 Are you allowed to use a computer, bought specifically for school as a tax deduction?
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 how does one recover from a rejection of SSA Disability in the US?
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 how long can you wait to file?
When I first started working I never filed my taxes because I made less than 5 thousand a year..can I file them now? It has been like 3 or 4 years. I saved all the paperwork....


 Uh oh! I forgot to pay my taxes!?
Last year I owed a small amount of money for my federal taxes. Not only did I forget to pay, I forgot the amount to pay! What do I do this year?
Additional Details
Serious answers ...



bmadrid79
Do I have to report 1099-Misc income less than $600 on Schedule C of my 1040?
Ok, here's the deal:

1. I will receive a 1099-Misc for $3,000 from organization X.

2. Throughout the year I received 3 $95 honoraria payments from organization Y, which I am not sure whether I will receive a 1099-Misc from.

3. I received a one time $200 service compensation from oraganization Z, which I am not sure whether I will receive a 1099-Misc from.

Note: Income from organization X will be declared on Schedule C of my 1040.

Questions:
1. Do I have to report income from organization Y and Z on Schedule C if I receive 1099-Miscs, eventhough, they are both less than $600?

2. If I don't receive 1099-Miscs, do I report the income from organization Y and Z on Schedule C?
                      




asjrb
If you use TurboTax, it will help you decide.


perleo
With any income over $400 or more you have to report this as income? go to www.irs.gov and type in 1099 misc.


Wayne Z
Rating
Income is income whether you receive and 1099 or not.

Actually, reporting income that the IRS doesn't know about probably lowers your audit risk in the long run.


Mahal
If you look at a tax table, you will see that it's divided into boxes of $50 incriments.

Anything that moves you into the next lower box affects your taxes.

Yes, you need to report it, even if you don't receive a 1099.

(All income from all sources are taxable until you're given an "exclusion". That's the actual definition of taxable income from the revenue code. If you find $20 on the sidewalk, it's taxable. If you rake in $1500 from your prostitution ring, it's taxable. If you have a machine in your basement that prints c-notes, they're taxable as soon as they dry, and I believe they're deductible when the FBI confiscates them and locks you in a small cell.)


Meg
If organization X, Y & Z are all in the same related field of work, then yes, you should accurately report ALL income earned from them whether a 1099-misc. is recieved by you or not.

Sometimes it will actually serve you better to claim all Sch. C income and keep the expenses to a minimum. (there is nothing in tax law that states you must claim all of your expenses, just that you must claim all of your income). If you qualify for EIC (earned income credit) having a positive earning amount from Sch. C will pay some of your SE tax (you'll be paying into social security for yourself).


spicertax
Yes to both questions. Whether a 1099 is received does not affect reportable income - it is all taxable - but the IRS will not know about it.


jseah114
1. Yes, you have to report income from organization Y & Z, even though they are less than $600. Income is income, it doesn't matter if it was 6 cents or 60,000,000 dollars (although if you opt to prepare your returns rounding to the nearest dollar, 6 cents would round out to be zero).

2. If the income from organizations Y & Z was for the same work or "business" that you did for organization X, you can put it all onto the same Schedule C. If they were for different businesses, then they should be on different Schedule C's.


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