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Self employed
@Renigma Yes you have to report all your income no matter how small. Even $1 of bank interest you don't get a 1099 for. If you have self employment you need to report it even if under $600. You have to pay the self employment tax on $433 or more. What if 20 people paid you $500 so you didn't get any 1099NEC forms. That would be $10,000. Or if someone didn't send you the 1099NEC for over $600? You need to keep your own good records. There are many reasons to report all your SE income. The Net Profit on Schedule C can count as Earned Income to qualify for credits and IRA deductions. And you might be able to write off medical premiums without using schedule A for itemized deductions.
May 30, 2025
10:23 AM