Income Taxes

[jantenucc]

I am in the process of doing my income taxes right now and it happens that I made enough money from Fusion Cash in 2007 that I have to pay taxes on it, however I have never filed income taxes for self-employment income so I have a few questions. First, on the 1040 form, what would one call the "principal business or profession" of Fusion Cash? Also, where on Schedules C and SE does one put the earnings from Fusion Cash?

Thanks,
Jon

[jazzy3098]

I am in the process of doing my income taxes right now and it happens that I made enough money from Fusion Cash in 2007 that I have to pay taxes on it, however I have never filed income taxes for self-employment income so I have a few questions. First, on the 1040 form, what would one call the "principal business or profession" of Fusion Cash? Also, where on Schedules C and SE does one put the earnings from Fusion Cash?

Thanks,
Jon

 Did you get your 1099 for from Fusion Cash?  I think that is the form you need however I am no expert and I could be wrong.

[jantenucc]

Yes I have received the 1099 form, but it does not answer the questions above. I am hoping someone who has already filed their taxes with earnings from Fusion Cash could answer these questions for me.

[juliajohnson]

You can enter your income on the Sch C, then you can write off your expenses against this "business" such as purchases you made, internet expenses, whatever you use in the course of doing business.  If you earn less than $400 on your Sch C, you won't owe SE tax (unless that dollar amt has changed this year)   What to call your business?  Maybe something about tester or business surveyor...I don't know.  Anyone else have any ideas?
Congrats on your earnings!

[jantenucc]

Thanks for the information, that answered a few questions for me, but I'm still clueless about what to call this business with Fusion Cash. 

[criesenbeck]

  Web trial - er    LOL

[juliajohnson]

I would say we're doing a service...so look for something in business services.  I don't think there will be a number to
identify what we're doing specifically.  My tax program allows me to select business category "other" and use the code
999999 - unable to classify.
 

[froggyjoe]

hum so if you make more then 400 you going to owe? im new on this too about paying taxes of a cash site. maybe I should slow down hahaha.

[froggyjoe]

oh another question sense it may relate to me this year. Does fusion have thier forms to you in time at the end of Jan. or is thier a lil delay and wont get it till 2nd week in feb. I usually file on the 18 of janurary every year. and now may have to file later IM thinking. was your forms in jan. or feb that you recieved for fusion? let me know please

[jazzy3098]

oh another question sense it may relate to me this year. Does fusion have thier forms to you in time at the end of Jan. or is thier a lil delay and wont get it till 2nd week in feb. I usually file on the 18 of janurary every year. and now may have to file later IM thinking. was your forms in jan. or feb that you recieved for fusion? let me know please

 I don't think you have to file any thing unless you make over $600.00 then FC has to send you a 1099. But if you accumulate over $600.00 by using a combination of sites well what uncle sam don't know can't hurt.  LOL

[juliajohnson]

Correct, you won't get a 1099 from any site until you make over $600 on that site.  Once you get 1099s, you'll have to file taxes, if you make over $400 in 1099 income after deducting your expenses, you'll owe social security tax.

[JeremiahSwayzer]

Taxes 

[greeneyedgirl23]

Thats ridiculous... Dont think we should have to file taxes on a survey site... Damn IRS