Filing Smumug profit and studio profit

JEphotographyJEphotography Registered Users Posts: 91 Big grins
edited February 9, 2008 in Mind Your Own Business
I have read a lot about not getting a 1099 until we make $700 on smumug. But we did make profit outdie of smumug with our business. So my question is, do we not need to include the smumug sales, even if we made more than $700 in total sales for our business? :dunno
Thanks for your help.
jephotography

Comments

  • IcebearIcebear Registered Users Posts: 4,015 Major grins
    edited February 8, 2008
    I've forwarded your question to the IRS just to save you the time:D .

    Simple answer. Legally you must report all income from self employment whether you got a 1099 or no. The $700 figure has nothing to do with the obligation of a recipient to report the income. It is a threshold, below which a payor does not need to generate a 1099.

    I'm not a lawyer. I just make fun of them whenever the opportunity arises.

    p.s. In the event that you are one of those unfortunate schlubs without a working sense of humor, I was just joshin' ya about the IRS.
    John :
    Natural selection is responsible for every living thing that exists.
    D3s, D500, D5300, and way more glass than the wife knows about.
  • rdlugoszrdlugosz Registered Users Posts: 277 Major grins
    edited February 9, 2008
    FWIW, I think the number is actually $600, but I just woke up.

    Ice is correct though - you need to report any income you've had regardless of whether or not you get a 1099. Further detail than that is probably best left to someone qualified to give tax advice.

    (coincidentally, I'm having breakfast with my CPA friend this morning to discuss corporate stucture. :D)
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