Jeremy Riggs wrote: I beleive if you make more than $600 you have to claim it on federal taxes, but the company should send you a form at the end of the year if they are reporting it (which only happens when they cross the $600 threshold).
I BELEIVE this is true. I actually have to check into it this year for my new biz. I have to know at what point I have to report an artists earnings on CD sales.
I guess I feel kinda stupid now- lol. I guess it would be self-employment and I know all about that stupid $600 rule!
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MzHartz wrote: You're supposed to report it on your taxes as income. If you make over a certain amount from one company (I can't remember how much), they'll send you a 1099, and then you really do have to report it on your taxes.
Yeah! THATS IT! A 1099!
So if you didn't get one in the mail you're probably fine.
well upon further research, it depends on how a company fills out the form they give you. Some mark box 3 for other income while others insist on marking box 7 for non-employee compensation which of course puts you at a higher rate and makes you self-employed. This is if you make that $600 or more we talked about earlier.
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