Earning $ but no 1099 MGF NiteFlirt
I asked MyGirlFund and NiteFlirt to give me my earnings (last year during tax time), since they didn't send me 1099. They gave me the dollar amount, but said I don't need to report it because I didn't make some amount like 50,000. Do you guys still report these incomes...and how do you do it without all of the legal/proper info? Any info is helpful! And if there is already a thread like this, please link it <3
Re: Earning $ but no 1099 MGF NiteFlirt
What they probably meant is they are not required to report it but YOU still are.
Yes report your income to irs so you don't get audit later down the road. If this happens you will have to pay back taxes, interest, and penalty late fees.
Re: Earning $ but no 1099 MGF NiteFlirt
Take a look at the stickie at the top of this forum " oh me, oh my so many tax forms". This should help you understand income tax reporting for people in the industry. After reading then you can ask questions on this forum about areas that need additional explanations.
Re: Earning $ but no 1099 MGF NiteFlirt
Thanks! Do I just add it on the "other income" part of of my tax form and stick in the company name? Or put PSO & video maker or something funny like that :D
Re: Earning $ but no 1099 MGF NiteFlirt
Hey, I just checked the exact message I got back from NiteFlirt when I asked about how to report my income, and they said specifically that flirts who live in the US don't have to report their income when under 20,000. ................... I know that everywhere says you must file no matter what, but why would NiteFlirt & MGF say this??
Re: Earning $ but no 1099 MGF NiteFlirt
Just read through the stickie. There is a lot of back and forth with questions and answers. I also suggest you read the responses by Melonie in the stickie and search for post in this forum by Zofia. These two members provide excellent info on tax and money issues.
Re: Earning $ but no 1099 MGF NiteFlirt
The IRS wants to know about every dollar you earn. I would suggest you not take tax advise from an Internet company. I am a CPA and prepare taxes for many self employed individuals, and I do not know of any tax law that allow the exclusion of money earned from camming.
Re: Earning $ but no 1099 MGF NiteFlirt
Thanks for you answer :-)
Re: Earning $ but no 1099 MGF NiteFlirt
I got that same type of email from Niteflirt back when they stopped sending 1099s but what they told me is that THEY do not have to report the income because they are a payment platform but that I still do and am responsible for putting the totals down on my tax forms.
Whoever told you that is completely wrong.
Re: Earning $ but no 1099 MGF NiteFlirt
Even without a 1099, you are required to report. All your business income, if your business is not a corporation, LLC, or a partnership that files its own tax returns, goes on Line 1 of Schedule C. You do not break out by payer. You just total all your income and put the gross number on Line 1. If this number is larger than all your 1099s, so be it. If it is less, you have a looming audit. From there, you take your deductions and come to Line 31. That is your net income or loss. There is more to fill out on Schedule C that is what amounts to an inventory and balance sheets. But, you will take the number from Line 31 on Schedule C and place it on Line 12 of your 1040.
HTH
Z