Daycare.com Forum - Tax Question for Tom Copeland

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llove530

01-19-2011 07:06 PM

Tax Question for Tom Copeland

Isn't there a certain amount of money you can earn and not have to report?

Thx!

lvt77

01-19-2011 07:07 PM

i believe it is $400.00

kendallina

01-19-2011 07:08 PM

Originally Posted by lvt77:
i believe it is $400.00

That's what I thought too...

TomCopeland

01-19-2011 08:35 PM

Income

Nope. You must report $1 as income on Schedule C. Any income must be reported. If your profit is less than $400 you don't owe any social security tax on it, but it must be reported.

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