Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Money & Services > Taxes   »   claiming 1099 misc. income

Answer this Question Ask about Taxes
 
Question Tools Search this Question Display Modes
Question
 
 
#1  
Old Mar 16, 2007, 04:12 PM
mjherr
New Member
mjherr is offline 		 
Join Date: Mar 2007
Posts: 2
mjherr See this member's comment history on his/her Profile page.
claiming 1099 misc. income
I earned approximately $500.00 in 2006 in a home based business. I received a 1099 misc. income form. Do I need to do a Schedule C no matter how much I earned or is there a minimum amount before having to go through the process of preparing a Schedule C?

Reply With Quote
 
     

Answers
 
 
Old Mar 19, 2007, 10:23 AM   #2  
AtlantaTaxExpert
Tax Expert
AtlantaTaxExpert is offline
 
Join Date: Feb 2005
Location: Atlanta, Georgia
Posts: 9,674
AtlantaTaxExpert See this member's comment history on his/her Profile page.AtlantaTaxExpert See this member's comment history on his/her Profile page.AtlantaTaxExpert See this member's comment history on his/her Profile page.
You are just over the minimum for filing Schedule C, so you MUST file it.

However, after you take the appropriate deductions, I suspect that you will have little, if any, tax liability ont this money.
  Reply With Quote
 
     
 
 
Old Mar 21, 2007, 05:13 PM   #3  
mjherr
New Member
mjherr is offline
 
Join Date: Mar 2007
Posts: 2
mjherr See this member's comment history on his/her Profile page.
thanks for your help!
  Reply With Quote
 
     
 
 
Old Mar 23, 2007, 01:46 PM   #4  
AtlantaTaxExpert
Tax Expert
AtlantaTaxExpert is offline
 
Join Date: Feb 2005
Location: Atlanta, Georgia
Posts: 9,674
AtlantaTaxExpert See this member's comment history on his/her Profile page.AtlantaTaxExpert See this member's comment history on his/her Profile page.AtlantaTaxExpert See this member's comment history on his/her Profile page.
Glad to help!
  Reply With Quote
 
     
Answer this Question Ask about Taxes

« Previous Question | Next Question »

Question Tools Search this Question
Search this Question:

Advanced Search
Display Modes
Linear Mode Linear Mode

 
Similar Sponsors

Similar Questions
Question Asker Topic Answers Last Post
1099 MISC income fancylad Payroll 1 Feb 1, 2008 04:41 PM
1099-MISC income while on H-1B Visa IBO Taxes 5 Apr 14, 2006 12:07 PM
1099-MISC income and IRA elgibility jthomas119 Taxes 3 Jan 9, 2006 08:48 AM
Resident? F-1 Student with 1099-MISC income Jung Taxes 3 Apr 17, 2005 08:07 PM
How to report income on 1099-Misc? justinlanger Taxes 1 Apr 13, 2005 03:50 PM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 03:17 AM.

Content Relevant URLs by vBSEO 3.0.0 RC6 © 2006, Crawlability, Inc.