Tax Year?

[harleyy2]

FC Administrator or someone that knows this answer...When does the tax season restart for FC members?  January or when the member joined?  I need to know this because I'm putting all this on my IRS Tax report.....they want to know the year restart....ty

[Linda67]

Most individual taxpayers are on a calendar year Jan-Dec.  That would mean that if FC needs to send out 1099 misc forms they would need to be mailed by the end of January each year and would cover the Jan-Dec time period.

[Valerie1979]

you won't get a 1099 unless you make more than $600 in the year.... (I think)
Check w/ your accountant or tax preparer..... I don't think you need to report this on your taxes -- and if you do and it is "income" you will have to pay taxes on it

[harleyy2]

you won't get a 1099 unless you make more than $600 in the year.... (I think)
Check w/ your accountant or tax preparer..... I don't think you need to report this on your taxes -- and if you do and it is "income" you will have to pay taxes on it

@Valerie1979 - Nope, not if I make over $600 right....I'm just putting it in a notebook for reference...just incase..I have it online but you never know what'll happen to it.  Also, I have my tax advisor and he was wondering what FC was (company info) and first thought it was a scam...but I showed him my proof of payment and he MAY start it...he's not sure...anyways...yes...if I make more than $600 then I'll have to put it on tax file.

[Administrator]

This is not intended to be tax advice and you should see a licensed professional who can examine your particular situation - but - as I've said before - the IRS generally considers all your received money to be income.  Even if it's $25.  You are obligated to report all income, regardless of amount.  If you earn more than $600 in a calendar year you will receive a 1099-MISC form from FusionCash the following January.  This $600 represents FC's reporting obligation for independent contractors, but you guys (the contractors) are obligated to report everything.  Again - everyone's situation is different, this is not tax advice, and you should see a professional.

[harleyy2]

This is not intended to be tax advice and you should see a licensed professional who can examine your particular situation - but - as I've said before - the IRS generally considers all your received money to be income.  Even if it's $25.  You are obligated to report all income, regardless of amount.  If you earn more than $600 in a calendar year you will receive a 1099-MISC form from FusionCash the following January.  This $600 represents FC's reporting obligation for independent contractors, but you guys (the contractors) are obligated to report everything.  Again - everyone's situation is different, this is not tax advice, and you should see a professional.

@Administrator - Thank you very much Administrator.  I had thought so....thank goodness I've been reporting mine each month...when I receive my payment, I put it on my IRS Tax form.  I talked to my Agent and he said to ask FC when they restart the Tax year.

[Administrator]

This is not intended to be tax advice and you should see a licensed professional who can examine your particular situation - but - as I've said before - the IRS generally considers all your received money to be income.  Even if it's $25.  You are obligated to report all income, regardless of amount.  If you earn more than $600 in a calendar year you will receive a 1099-MISC form from FusionCash the following January.  This $600 represents FC's reporting obligation for independent contractors, but you guys (the contractors) are obligated to report everything.  Again - everyone's situation is different, this is not tax advice, and you should see a professional.

@Administrator - Thank you very much Administrator.  I had thought so....thank goodness I've been reporting mine each month...when I receive my payment, I put it on my IRS Tax form.  I talked to my Agent and he said to ask FC when they restart the Tax year.

Our tax year is not relevant, it is your tax year for your return.  That said, our fiscal year is Jan-Dec like yours probably is.

[tuyetmai]

you won't get a 1099 unless you make more than $600 in the year.... (I think)
Check w/ your accountant or tax preparer..... I don't think you need to report this on your taxes -- and if you do and it is "income" you will have to pay taxes on it

Oh really thank for the tip... I don't think so I made that much a year.  Because I do this only on my spare time.

[trujillo33]

So for our tax year 2010 we need to report what we make from fushion cash???

[lightningclix]

So for our tax year 2010 we need to report what we make from fushion cash???

You are suppose to count EVERYTHING you make, no matter the amount.  But like the Admin. said, it is up to you if you do or not. I know when we do our taxes the banks send us forms from the interest we make on our accounts.  One of them has very little in it, so I think we made like 3 cents that year, and yes I counted it. 

Only you can decided if you want to count it or not.  Hope this helps!

[starjonez]

I have no clue on this one.? I need to know to!!!

[jrmiller1987]

Thank you for the information, while I didn't ask the question it definetly helped me too!

[mlhnceh]

I was just thinking about whether or not I had to report this yesterday.  I guess you should report it as it is income.

[atvgirl1]

I believe the tax law is anything over $600 has to be reported but I guess you have to decide what you report.

[Lauren83706]

in certain states if a user makes over $600 a year they have to report it to the IRS