If this is your first visit, please click the Sign Up now button to begin the process of creating your account so you can begin posting on our forums! The Sign Up process will only take up about a minute of two of your time.

Follow us on Facebook Follow us on Twitter
Results 1 to 7 of 7
  1. #1
    My Boats:
    25' Checkmate Convincor, 19 Checkmate Convincor, 23 Crownline, a Sea Doo, a 12' sailboat, and two kayaks!!
    Join Date
    Sep 2002
    King george, Virginia/Potomac River

    OT....CPA Question

    Not that I'm in trouble with the IRS but I just have a quick question for future reference. Say I'm a mechanic and i do my neighbors brakes for $50. Then next week I do my friends tune up and trans service for $100. How much of this can I do and not report as income? Is there a max per job? How about a max per year? Thank you in advance.

  2. #2
    Registered toolman's Avatar
    My Boats:
    94 Formula 303SR1
    Join Date
    Aug 2001
    Pennington, NJ/Delaware river/Upper Chesapeake bay
    Cash makes no enemies.

  3. #3
    my brother (who is a cpa) was telling me about this awhile back.
    trading services.......
    think there is even a website dedicated to it somewhere.
    sorry i couldnt help more.

  4. #4
    Registered buck183's Avatar
    My Boats:
    1989 Cigarette Bullet
    Join Date
    Dec 2001
    Siloam Springs, Ar.
    Someone please correct me quickly if I'm wrong, but I believe it's $600. Don't take my word for it though.


  5. #5
    Say I'm a mechanic and i do my neighbors brakes for $50.
    You've got it all wrong. You dindn't do the brakes for $100, you helped a friend in need of mechanical assistance. And since he was at your house getting his brakes done, he thought it a good time to give you a $100 GIFT for your last birthday that he missed.

  6. #6
    Registered mpally's Avatar
    My Boats:
    36 Outlaw
    Join Date
    Oct 2000
    St. Louis/ LOTO
    Buck, I think what you are getting at is that if you make less than $600 a year, you do not have to file a income tax return. If no one has the answer by tomorrow, I will look into it. My first thought is that all income must be reported if you make more than $600 per year. However, I beleive that you would be able to deduct your expenses associated with those jobs. I do not believe that there is any set amount that is not claimed as income in this situation. I am not a CPA and most of my tax dealings are in the corporate environment, so don't take my word for all of this.

  7. #7
    Registered Donzi38ZX's Avatar
    Join Date
    Oct 2002
    Whiting, IN
    I am not a CPA but by the letter as I understand it. Any money collected for services performed is taxable and should be declared. The $600 pertains to minimum dollar amount for a 1099 form to be issued which are given to non-employees and are similar to W-2s.

Similar Threads

  1. Impeller question-oil change question
    By jaxx 30 in forum Scarab
    Replies: 5
    Last Post: 04-10-2008, 09:49 PM
  2. Sorry,not a boat question,but a board question
    By 1Boatnut in forum General Boating Discussion
    Replies: 5
    Last Post: 02-20-2002, 09:22 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
All times are GMT -5. The time now is 10:16 PM.
Powered by vBulletin® Version 4.2.0
Copyright © 2016 vBulletin Solutions, Inc. All rights reserved.
Search Engine Optimization by vBSEO 3.6.1
Original Poster In Postbit provided by Original Poster In Postbit v1.0.0 (Free) - vBulletin Mods & Addons Copyright © 2016 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Copyright 2011 OffShoreOnly. All rights reserved.