{"id":2371,"date":"2016-03-30T16:15:51","date_gmt":"2016-03-30T21:15:51","guid":{"rendered":"http:\/\/sherylschuff.com\/blog\/?p=2371"},"modified":"2024-02-15T13:09:56","modified_gmt":"2024-02-15T18:09:56","slug":"do-you-have-to-report-income-if-you-dont-get-a-1099-2","status":"publish","type":"post","link":"https:\/\/sherylschuff.com\/blog\/freelancers\/do-you-have-to-report-income-if-you-dont-get-a-1099-2\/","title":{"rendered":"Do You Have to Report Income if You Don&#8217;t Get a 1099?"},"content":{"rendered":"<h2>Do You Have to Report Income if You Don&#8217;t Get a 1099?<\/h2>\n<p>This is one of the most common questions asked by freelancers, consultants, and independent contractors every year.<\/p>\n<p>Technically speaking, if you find a twenty dollar bill on the street and pick it up, that&#8217;s income. But we both know the IRS has no way to find out about it.<\/p>\n<p>Does that mean you should make all your tax reporting decisions based on whether or not you think your income is traceable?<\/p>\n<p>Nope. Especially if you&#8217;re talking about amounts that add up to significant dollars. It&#8217;s a total myth that there are some kind of limits you have to go over before you&#8217;re required to &#8220;declare&#8221; certain income.<\/p>\n<ul>\n<li>You have to report cash payments you get from customers<\/li>\n<li>You have to report goods or services you receive by bartering<\/li>\n<li>You have to report income you get from a part-time business<\/li>\n<li>You have to report income from a business that&#8217;s not your &#8220;regular&#8221; work<\/li>\n<li>You have to report commissions, bonuses, awards, gifts, and prizes (listen up, direct sellers)<\/li>\n<\/ul>\n<p><strong>In other words, <em>income is income,<\/em> regardless of the source, the amount, or the frequency with which you receive it. <\/strong><\/p>\n<p>Think about it for a minute. Suppose you had 100 clients last year who hired you as a freelance writer and each one paid you $400. None of them sent you a 1099. Do you think you got $40,000 in tax-free income?<\/p>\n<p>Not a chance!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do You Have to Report Income if You Don&#8217;t Get a 1099? <\/p>\n<p>This is one of the most common questions asked by freelancers, consultants, and independent contractors every year.<\/p>\n<p>Technically speaking, if you find a twenty dollar bill on the street and pick it up, that&#8217;s income. But we both know the IRS has no [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","tve_updated_post":"","tve_custom_css":"","tve_user_custom_css":"","tve_globals":{},"tcb2_ready":0,"tcb_editor_enabled":0,"tve_landing_page":"","_tve_header":"","_tve_footer":""},"categories":[289],"tags":[],"class_list":["post-2371","post","type-post","status-publish","format-standard","hentry","category-freelancers","odd"],"_links":{"self":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/2371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/comments?post=2371"}],"version-history":[{"count":10,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/2371\/revisions"}],"predecessor-version":[{"id":4655,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/2371\/revisions\/4655"}],"wp:attachment":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/media?parent=2371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/categories?post=2371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/tags?post=2371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}