Self-Employed?
Did you know you are self employed if you had earnings of $400.00 or more from an endeavor. This does not have to be your main line of business to qualify. You must report these earnings even if you do not receive a 1099-MISC. The good news is you can also deduct any expenses you may have incurred while creating those earnings. If these earnings are substantial, you may also have to pay Self-Employment Taxes. It is important to remember to keep adequate records throughout the year. Keeping records and receipts for expenses helps to reduce your tax liability.
