The people I clean for pay me in cash each week
Can I file taxes or no I make about 800 a month
Yes you have to report all your income.
You need to report all your income even if you don't get a 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.
After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040. The SE tax is already included in your tax due or reduced your refund. It is on the 1040 line 57. The SE tax is in addition to your regular income tax on the net profit.
Here is some IRS reading material……
IRS information on Self Employment
<a rel="nofollow" target="_blank" href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center">http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center</a>
Pulication 334, Tax Guide for Small Business
<a rel="nofollow" target="_blank" href="http://www.irs.gov/pub/irs-pdf/p334.pdf">http://www.irs.gov/pub/irs-pdf/p334.pdf</a>
Publication 535 Business Expenses
<a rel="nofollow" target="_blank" href="http://www.irs.gov/pub/irs-pdf/p535.pdf">http://www.irs.gov/pub/irs-pdf/p535.pdf</a>
To enter cash income without a 1099Misc into the Online Self Employed version, if you see a Business tab at the top, after Personal Info, follow the instructions to enter the cash as General Income. If you do not see a Business tab, choose the second topic of Additional Income underneath the 1099-Misc income topic
How to enter self employment income
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment">https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment</a>
If you want to enter any expenses you will need to upgrade to the Self Employed version .
You are required to report your income and pay income tax even if you do not get tax paperwork from your clients. You are expected to keep accurate business records of your income and your expenses. You use these records to prepare your tax return, using the links and information provided above.
Be aware that if you are audited, the IRS does not have to give you credit for any expenses that you can't prove. Keeping track of your expenses is vitally important when you are self-employed because it is the best way to reduce your net profit subject to tax. An accounting record book, or accounting software, where you keep track of all of your expenses as they happen, is usually the best way to do this. Keeping your receipts is also certainly a good idea. You should keep your receipts and your accounting records for at least three years, and seven years is better. If you know your expenses for this year, you can deduct of them even if you don't have receipts, but you are at some risk in case you are audited. Remember that your expenses include not only supplies, but also some or all of your mileage driving between different clients. You may also be able to expense or depreciate any equipment that you buy for the business.
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This type of self employment makes you eligible for the Earned income Credit. It's equally important that you document your income as well as your expenses. One way to do that is deposit your cash payments into a bank account.
So what do I have to do when I file my taxes just a run down on how much each person pays me a week I make around little over 800 for a month. And I don't have a bank account a use cash for everything please let me know so I have everything I need to do my taxes
Think of it this way ... if the IRS asks you to prove your income & expenses could you ?
For the income simply give your clients a receipt for the services ... receipt books can be bought at any office supply store ... use the ones that have a duplicate form option so you have one for you & one for them... and keep the receipt book intact to prove you are not hiding income as missing pages are suspicious... if you make a mistake then void the page... do not rip it out.
And keep all store receipts for all expenses.
Yes. for 2017 you have everything you need to do your taxes. Just go ahead and file. Keep your "run down" info in case of an audit.
What the comments are telling you is that you shoulda, coulda done it better and should change your ways if you continue with this business in the future.
@Tambino45 You have posted to a thread that is at least two years old and your question is very vague. Could you please provide some details so we know what you are really asking about?
I clean houses self employed I did taxes in 18 I lost all my paper work but I didn't work more than 15 he a month due to my corporal tunnel has gotten bad I get 771 monthly from disability for that helps iut but I need the extra money to even out my Bill's I'm now not able to cover my bill due to the coding 19
When I am finalizing the CA return I get a message that I need an LLC1. Do I need to register my business for the cash and 1099Misc income I reported if I only did housecleaning work for one year? What to do.in this case. It is not a business that I own, it was side work I did because I couldn't find a job in my field.
This is the first year I have worked on my own and not for a company. My business is very small, as I only clean 1 to 2 peoples houses a week. I know it seems crazy but they pay me well. I would like to file taxes, but all I have record of is the amount in cash that I am paid each week. I am new to this so I did not keep in mind to save all my receipts for products, although I have saved nearly every gas receipt. Can I still file without the receipts for expenses? I do not want to get in trouble... And I know this has probably been answered, but if I do file with only the cash amount paid recorded, what should I file as and on what papers?
Thanks a bunch,
Chelsea from Louisiana
Well Online is now closed so you need to use the Desktop CD/Download program here, you can buy any version but Home & Business has the most help for you.
https://turbotax.intuit.com/personal-taxes/cd-download/
You need to report all your income even if you don't get a 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.
After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.
FOR 2019
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 15. The SE tax is in addition to your regular income tax on the net profit. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 14 which flows to 1040 line 8a. Turbo Tax automatically calculates the SE Tax and Adjustment.
For 2019 Schedule C Net Profit or Loss now goes to 1040 Schedule 1 line 3. Then the total on schedule 1 line 9 goes to 1040 line 7a.
Here is some IRS reading material……
IRS information on Self Employment
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses
@Fgbm73 wrote:I need help can someone help me plz .
Thank you
You will first need to explain what product you are using and what your issue is that you need help with. If someone sees this thread and is familiar with your issue, they will leave you a comment. If someone can't help you here in the user forum, we can tell you how to phone TurboTax Support.