Business Income

[Mark1193]

I have a very small business with only one customer, 2021 income was less than $400.00 and no 1099 form was sent to me.  They told me I didn't make enough to file.  Is that right?  If not then what do I do?

[VolvoGirl]

Do you have any other income like W2 or 1099R, etc?  You have to report all your no matter how small even if you didn't get a form.   Even $1 of bank interest.   

They only have to give you a 1099NEC for 600 or more.   But you still have to file the income.  Enter it on Schedule C as Cash or General income.   You can still deduct all your expenses.  You can show a loss on Schedule C.

[DavidD66]

Since your self-employment income is less than $400, it is not subject to self-employment tax.  If that is your only income, you are not required to file a tax return.  If you are otherwise required to file a tax return, you need to report the self-employment income on Schedule C, even though it is less than $400.  Even though it is below the threshold of $600 that requires issuing of a 1099-NEC, you are still required to report it.