{"id":240,"date":"2010-01-20T13:19:03","date_gmt":"2010-01-20T13:19:03","guid":{"rendered":"http:\/\/sherylschuff.com\/blog\/?p=240"},"modified":"2016-07-03T18:04:41","modified_gmt":"2016-07-03T23:04:41","slug":"do-you-have-to-report-income-if-you-dont-get-a-1099","status":"publish","type":"post","link":"https:\/\/sherylschuff.com\/blog\/taxes\/do-you-have-to-report-income-if-you-dont-get-a-1099\/","title":{"rendered":"Do You Have to Report Income if You Don&#8217;t Get a 1099?"},"content":{"rendered":"<p><img data-opt-id=666541755  fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/mlsfkhvpsenu.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/ig:avif\/https:\/\/sherylschuff.com\/blog\/TwentiesRealistic.jpg\" alt=\"\" width=\"250\" height=\"167\" align=\"right\" \/><\/p>\n<p><strong>Short answer:Yes<\/strong><\/p>\n<p><strong>Longer answer<\/strong>: You&#8217;re required to report all the income your receive, regardless of how you receive it. That includes payments you get as cash, check, or property. 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?<!--more--><\/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>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<\/p>\n<p>Short answer:Yes<\/p>\n<p>Longer answer: You&#8217;re required to report all the income your receive, regardless of how you receive it. That includes payments you get as cash, check, or property. 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 [&#8230;]<\/p>\n","protected":false},"author":2,"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":[34],"tags":[223,86,221,269],"class_list":["post-240","post","type-post","status-publish","format-standard","hentry","category-taxes","tag-1099s","tag-irs","tag-sole-proprietors","tag-taxes","odd"],"_links":{"self":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/240","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/comments?post=240"}],"version-history":[{"count":8,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/240\/revisions"}],"predecessor-version":[{"id":2517,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/240\/revisions\/2517"}],"wp:attachment":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/media?parent=240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/categories?post=240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/tags?post=240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}