Tax Question for Tom Copeland

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  • llove530
    Daycare.com Member
    • Jan 2011
    • 23

    Tax Question for Tom Copeland

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

    Thx!
  • lvt77
    Daycare Member
    • Dec 2010
    • 597

    #2
    i believe it is $400.00

    Comment

    • kendallina
      Advanced Daycare.com Member
      • Jul 2010
      • 1660

      #3
      Originally posted by lvt77
      i believe it is $400.00
      That's what I thought too...

      Comment

      • TomCopeland
        Business Author/Trainer
        • Jun 2010
        • 3062

        #4
        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.
        http://www.tomcopelandblog.com

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