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Do You Have to Report Your Online Income?
Q: I just started my home based business this year and expect to just break even this year. Do I still need to report my income, even if I don't actually make a profit? A: Yes, you must report all income earned. It's a common misconception that if you don't earn much or if you're just doing it as a hobby that it's not reportable or taxable. That's not true. All income is reportable from the first dollar earned. It doesn't matter if you receive a 1099 or not. It also doesn't matter if you earn less than a certain amount. Another myth is that if you earn less than $600 you don't have to report the income. Again, it's just not true. You are allowed to deduct business expenses from your income, so in your case, just because you have to report the income doesn't mean you'll have to pay any taxes. If you have expenses that are as much as or greater than your income, you won't owe any taxes, and may even be able to use that loss to reduce other taxable income. Got more tax questions about your home based or online business? Check out 'Your Top Online Biz Tax Questions Answered', a new audio/ebook program for online and home based business owners. |
http://www.onlinebusinesstaxtips.com/TaxTipsTeleclass.html
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