What do I do for taxes if I didn't receive a 1099 form?

[elizabethfox]

Quick tax question for you seasoned consultants ( if you live in michigan it would be particularly helpful! )

I signed up on Oct. 2007. I just looked up my 1099 on CC and it said because my total earnings are below $600, I am not getting a 1099 for 2007.

So what do I do concerning taxes? We usually have someone do ours, because both the hubby and I are complete idiots when it comes to doing our own taxes. I didn't have state and federal taxes taken out of my earnings for 2007 ($483.83), so what do I need to do?? I am lost.

Help!

 

[erinb]

You don't have to file taxes on earnings less than $600.00

 

[fruit76loop]

But....You can!! You will probably show a loss, so why not do it! You had the cost of your kit and any business materials! And when you look a the list I posted in another thread, there are lots of things to write off! So why not??

 

[jbdowd0798]

Its my understanding that even though you made under $600 you still need to file. Check in Consultants Corner and there is a Tax Time Tips information sheet. It states "Even though TPC does not generate 1099s to report income of less than $600, you are still responsible for reporting this income on your tax return."

 

[fruit76loop]

Its my understanding that even though you made under $600 you still need to file. Check in Consultants Corner and there is a Tax Time Tips information sheet. It states "Even though TPC does not generate 1099s to report income of less than $600, you are still responsible for reporting this income on your tax return."

Yep, this is correct! You are supposed to report "any" income made to the IRS. The Pampered Chef is just not required to send you a 1099 if you made less than $600. All you would need to take to your accountant is your commission statements and of course all your write offs!!

 

[jrstephens]

You only have to file if they never catch that you didn't file! I would do as others have suggested file and with so many write offs you will more than likely take a loss and get more money back. If you do not get to take a loss, you probably still will not be paying taxes on that much. Plus, you will have the peace of mind of not having to worry about the IRS ever catching that you didn't file and having to go back on pay penalties.