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?

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.

Thanks for your help!

Glad to help!