You Got This weekly series :? If the independent work on more business income to be reported as income or separately

You Got This weekly series :? If the independent work on more business income to be reported as income or separately -

Weekly we will meet one of the most frequently asked on the blog of Facebook Questions, Twitter and TaxACT in "You Got it" weekly series

issue :.

Make self-employed, not like to own their own business, but as representatives of companies like Avon and Mary Kay, report their income separately on their tax return or multiple revenue can be combined into one?

Brian via Facebook

answer

You must do report the income of each company separately on your tax return. You do this by completing a separate Appendix C , Profit or Loss from Business, for each activity.

What qualifies as a separate company?

Each activity for making a profit is considered a separate business.

Let's say you are an independent sales representative for both companies, Mary Kay and Avon. You report your income and expenses for the company Mary Kay on a Schedule C. The revenues and expenses of the company Avon will be presented on a second Annex C.

Should I report the income if I n 't make a lot of money?

If your only income is from self-employment and total earnings of all activities is below $ 400, then you are generally not required to file a tax return.

If you need to file a tax return, you must declare all net income from self-employment, either $ 1 or $ 1 million.

This is true even if you do not receive a 1099-MISC form.

Every business that pays you $ 0 or more is required to issue a 1099-MISC. If you earned less than $ 0 and did not receive a 1099-MISC, you should always report your income on Appendix C .

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