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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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  #1  
Old 01-19-2011, 08:06 PM
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llove530 llove530 is offline
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Default Tax Question for Tom Copeland

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

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Old 01-19-2011, 08:07 PM
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i believe it is $400.00
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Old 01-19-2011, 08:08 PM
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Quote:
Originally Posted by lvt77 View Post
i believe it is $400.00
That's what I thought too...
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Old 01-19-2011, 09:35 PM
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TomCopeland TomCopeland is offline
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Default 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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