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OT....CPA Question

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Old 06-03-2003, 08:58 PM
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Default 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.
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Old 06-03-2003, 09:40 PM
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Old 06-03-2003, 10:11 PM
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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.
 
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Old 06-03-2003, 10:30 PM
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Someone please correct me quickly if I'm wrong, but I believe it's $600. Don't take my word for it though.

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Old 06-03-2003, 11:21 PM
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Quote:
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.
 
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Old 06-03-2003, 11:33 PM
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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.
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Old 06-04-2003, 01:12 AM
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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.
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