Tax Time

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Tax Time! posted on 25th of january, 2009

I hope this information will be helpful for you, especially for US photographers!
So, it’s tax time! Most of people have to file a tax return! How about an income from DT? DT reports any amounts you earned to IRS. DT just isn’t required to send you Form 1099-MISC if your income is less than $599 (Please correct me if this amount was changed for 2008). Anyway, you must file an income tax return if the net earnings are $400 or more (See Publication 17 IRS for more info). You also can deduct expenses which you paid for this business.
How to file? (If you file your taxes by yourself)
This income is not considered a hobby income. Because your purpose is to make a profit. This income is shown on Form 1099-MISC in box 7, Nonemployee Compensation, and must be reported on Schedule C, Profit or Loss From Business, or Schedule C-EZ, Net Profit From Business, even if no Form 1099-MISC is received. Necessary expenses can be deducted from this amount on Schedule C or C-EZ to get the net income. Amount shown in box 7 Form 1099-MISC may be subject to self-employment tax (SE) if the net income is $400 or more. You must file a Tax Return and compute the SE tax on Schedule SE, Self-Employment Tax.
I think that’s really easy!

Tags: 1099 income return tax time

Comments (4)

	Comment by Dprogers on September 11, 2010 As a non US person, how complex is your tax syste. Having to deal with this silliness is enough to make me want to ask Dreamstime to cash me out immediately and I'll join somewhere else. What a serious waste of time and blatant money grab.
	Comment by Vrjoyner on May 23, 2009 Thanks for the info - you made it very clear that income from stock sales must be reported - or else - and we all know what that means when it comes to the dreaded audit of taxes!!!
	Comment by Nolosoft on April 07, 2009 Do you mind have a look at TradeMax? NoloSoft TradeMax is a tax software designed for active investors or traders to manage their trade data maximize their gain/loss strategy, prepare their Schedule D. http://www.nolosoft.com.
	Comment by Eclecticelegance on January 26, 2009 Thank you for the very useful info!

This article has been read 735 times. 2 readers have found this article useful.
Photo credits: Iriks.

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