Yeah this stuff in general is just incredibly confusing when compared to my previous job. If you report all your earnings come next year are they going to just make you pay 15.6% of whatever you made right there? Will how much you make negatively impact things like FAFSA?
Good morning! Money Monday is already shaping up. I scored a HomeZoo and a $15.00 annotation HIT. Bring it!
Well, in terms of FAFSA... I think if you already applied for 2013-2014, you're fine. Not sure about 2014-2015... I'd like to know as well. I guess contacting the IRS and/or Amazon would be wise if you're earning enough & are worried.
I'm clueless when it comes to taxes. I just give my bartender, who's also my friend and a CPA, a nice bottle of wine along with my receipts and paperwork every year and he does my taxes. Whatever he does, I always end up with nice hefty refund check. I haven't talked to him about turking yet but as of now I have no idea what this is classified as.
Well I mean if I lose credits on the FAFSA whatever, but more important I'm just confused on what you do with the income your making. I'm suspecting I'll make more than $400 this year, but I don't think I'll owe $1000 in taxes. So do I just put away 15.6% of what I make to pay when the annual return comes around? I need someone to just put this in plain English for me. What a pain. I'll be getting a W2 for my former day job this year as well, so I can really complicate things.
Consult with an income tax person. Taxes and stuff from a 1099 are different than a W-2. I've had a d/b/a for many years (for other reasons), so I am able to deduct expenses which offsets the income taxes - a little. As someone else said, you should be okay for 2013/2014.
If you're making under 1000, I don't think you really have to? I mean, you'll probably wind up owing like 100 bucks, and in that case your deductions will most likely make that amount $0.
That's what the instructions say to do. I also followed the instructions and sent her my email address in a message. She says she's a new requester, so....