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My Other Sites
| No 1099: Do I Still Have to Report the Income? |
Aaron (web designer) asks:I'm a web designer who works as an independent contractor. I know that one of my clients is not going to be filing a 1099 for me. Do I still have to report this income? Answer:The short answer: yes. Even if your client isn’t filing a 1099 (which they should be if the amount they paid you is over $600), it’s still taxable income to you. If the IRS later finds out that you intentionally underreported your income, they’re going to be coming after you for the tax you owe on it, and they’re going to be adding on what could likely be a sizeable bill for interest and penalties as well.
For More Information, Take a Look at My Related Book.
A testimonial from a reader on Amazon:"Quick and easy read. No fluff, just straight to the point and gives you more helpful information that you might imagine. If you are looking to get the bottom line information you need to start your business right then this book is a must have." R.L. Muhammad |
My Latest Book
| Taxes Made Simple: Income Taxes Explained in 100 Pages or Less
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