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Tax for CPA earned income

Discussion in 'Business & Tax Advice' started by mahdiyah, Jan 7, 2011.

  1. mahdiyah

    mahdiyah Newbie

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    Hi I earned about $200 last year from CPA ..n I am really planning to stop it
    so my manager said they will send the 1099 form this month ..do i still goto pay tax ..i thought the min amount should be $600? :confused:

    I live in CA
     
  2. 3Infidels

    3Infidels BANNED BANNED

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    CA as in Canada? or CA as in Califonria?
    In the US anything below $700 doesnt have to be reported.
     
  3. mahdiyah

    mahdiyah Newbie

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    yea sorry i meant california,USA

    Thanks for your reply but they will still send the form? 1099 form?
     
  4. 3Infidels

    3Infidels BANNED BANNED

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    You're good to go. You don't have to report the $200
     
  5. jwzzrfl

    jwzzrfl Regular Member

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    yeah any time you make under $600 you dont have to report it
     
  6. golk75

    golk75 Regular Member

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    Was it really that bad of an experiance that you are gonna stop it?
    What made you decide to stop?
     
  7. Arche

    Arche Newbie

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    I know this is old, but since it's been bumped already, maybe help for next year....

    If you have more than a few thousand in total income for the year, I'd talk to an accountant. A 1099 sounds like they're reporting it to the IRS, so you'll probably want to report it on your taxes. I'm not an accountant, but AFAIK the $600 limit is usually the payer not having to report it to the IRS, not that you don't have to report the income...

    Lets say you have really diversified income, and 100 places pay you $599 each. If the IRS gets wind of you making ~60k a year, I would almost guarantee they're going to want their cut...