topic Business Income in Business & farm

Business Income

Mark1193 — Mon, 09 Mar 2026 09:22:08 GMT

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?

Re: Business Income

VolvoGirl — Wed, 02 Mar 2022 00:14:15 GMT

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.

Re: Business Income

DavidD66 — Wed, 02 Mar 2022 00:20:22 GMT

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.