Taxes

[cynncheyenne]

How exactly does Fusion Cash work with taxes? I know there is some rule of thumb that if you make more than $600 with something that you have to file it. But I'm not sure if that applies to everything or how it works with online stuff. Would I need to file a 10-99 or W-9 or some other form? Or do I even need to worry about it?

[maverick12]

This question has come up a number of times .... FC has to issue you a 1099 and report to the IRS if you make over $600 in a year. Anything less than that is between you and your conscience because the IRS requires you to report ALL earnings 

[patt2442]

That is a good question. I haven't thought of that. How about it administrator, will you please give us some information on how the taxes work?

[jklawver]

Thank-you for the info

[candyterrius]

I used to think $600 was the minimum for reporting Fusion Cash earnings. The correct amount is $400 for self-employment. I have inquired about this before but the reply I received from the Admin was that we should consult with the tax preparer. I have never received a 1099-Misc form from Fusion Cash after I earned over the amount.

[falcon9]

I used to think $600 was the minimum for reporting Fusion Cash earnings. The correct amount is $400 for self-employment. I have inquired about this before but the reply I received from the Admin was that we should consult with the tax preparer. I have never received a 1099-Misc form from Fusion Cash after I earned over the amount.

No, it's $600 or more, paid as an independent contractor according to the U.S. I.R.S., (Canadians have a different tax structure):

"Nonemployee Compensation:
Enter non-employee compensation of $600 or more. See Pub. 15-A for the fees, commissions, prizes and awards for services performed definition of employee. However, for termination payments to as a nonemployee, other forms of compensation for services.

· A fee paid to a nonemployee, including an independent contractor, or travel reimbursement for which the nonemployee
providing health care services often include charges for did not account to the payer, if the fee and reimbursement total
injections, drugs, dentures, and similar items. In these cases at least $600. To help you determine whether someone is an
the entire payment is subject to information reporting. You are independent contractor or an employee, see Pub. 15"
~ excerpted from I.R.S. Instructions for Form 1099-MISC

[ccandpam]

Thanks, I'm glad to know that I don't have to worry about taxes for some time.

[hurfrd]

i think i should be ok.  i made about $30 in 3 months.  i think i wouldn't go over $600. but this information is good to know for those who do make this amount. i must say that's amazing that you can make over $600.

[katmiller11]

Wow, Thanks for the info. I was just wondering about this.

I used to think $600 was the minimum for reporting Fusion Cash earnings. The correct amount is $400 for self-employment. I have inquired about this before but the reply I received from the Admin was that we should consult with the tax preparer. I have never received a 1099-Misc form from Fusion Cash after I earned over the amount.

No, it's $600 or more, paid as an independent contractor according to the U.S. I.R.S., (Canadians have a different tax structure):

"Nonemployee Compensation:
Enter non-employee compensation of $600 or more. See Pub. 15-A for the fees, commissions, prizes and awards for services performed definition of employee. However, for termination payments to as a nonemployee, other forms of compensation for services.

· A fee paid to a nonemployee, including an independent contractor, or travel reimbursement for which the nonemployee
providing health care services often include charges for did not account to the payer, if the fee and reimbursement total
injections, drugs, dentures, and similar items. In these cases at least $600. To help you determine whether someone is an
the entire payment is subject to information reporting. You are independent contractor or an employee, see Pub. 15"
~ excerpted from I.R.S. Instructions for Form 1099-MISC

[falcon9]

Wow, Thanks for the info. I was just wondering about this.

As always, it's still best to check with a tax preparer  or I.R.S. regarding individual tax situations.

I used to think $600 was the minimum for reporting Fusion Cash earnings. The correct amount is $400 for self-employment. I have inquired about this before but the reply I received from the Admin was that we should consult with the tax preparer. I have never received a 1099-Misc form from Fusion Cash after I earned over the amount.

No, it's $600 or more, paid as an independent contractor according to the U.S. I.R.S., (Canadians have a different tax structure):

"Nonemployee Compensation:
Enter non-employee compensation of $600 or more. See Pub. 15-A for the fees, commissions, prizes and awards for services performed definition of employee. However, for termination payments to as a nonemployee, other forms of compensation for services.

· A fee paid to a nonemployee, including an independent contractor, or travel reimbursement for which the nonemployee
providing health care services often include charges for did not account to the payer, if the fee and reimbursement total
injections, drugs, dentures, and similar items. In these cases at least $600. To help you determine whether someone is an
the entire payment is subject to information reporting. You are independent contractor or an employee, see Pub. 15"
~ excerpted from I.R.S. Instructions for Form 1099-MISC
[/quote]

[daeth2]

if you make over a certain amount you should fill out a 1099 when you do your taxes at the end of the year

[work778]

Thanks for the information.  I was wondering the same question.  I wont have to worry about getting a 1099!