Taxpayers seem perpetually confused about the taxability of miscellaneous income. Someone told me recently that she thought income of $10k and under didnt have to be reported. Not receiving a 1099 or W2 doesnt mean something is not taxable. If not receiving a 1099 were a basis for not reporting income and paying tax, I would not have to file or pay tax. I get 1099 forms from no one except my bank and my brokerage. I fly completely under the radar. Assume all income is taxable unless I tell you otherwise. Oh, and dont take tax advice from your barber and I promise not to give you a haircut.
Posted on: Sat, 18 Jan 2014 17:37:11 +0000
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