Tribe.net. Local Connections Bo http://bellydancebiz.tribe.net/thread/51d82664-8e5a-422e-a4bb-9738dc5e87d9#14ccdb6e-8f6f-40cb-b822-c57fbd687cc2 2009-07-06T21:13:37Z 2009-07-06T21:13:37Z

Yes! Wow. That was exactly what I needed.

Bo 2009-07-06T21:13:37Z Zafira http://bellydancebiz.tribe.net/thread/51d82664-8e5a-422e-a4bb-9738dc5e87d9#290486f3-0650-40de-8b63-34f3b1588db2 2009-07-06T16:30:31Z 2009-07-06T16:30:31Z

The amount is $600 so if you receive $600 or more in nonemployee income you'll receive a form 1099-MISC and money you made will be reported in box 7, nonemployee compensation. It is then reported on Schedule C or C-EZ AND on Schedule SE when you file your 1040. Schedule C is where you can take your expenses against the income to reduce it to the "net income'. Schedule SE is where you pay both portions of the social security tax - if you're an employee, 1/2 of that tax is paid by your employer, but as a nonemployee you're responsible for both halves which totals 15.30% My day job is working as an accountant in a CPA firm, hope this helps.

Zafira 2009-07-06T16:30:31Z Bo http://bellydancebiz.tribe.net/thread/51d82664-8e5a-422e-a4bb-9738dc5e87d9#00e9508b-b862-4afb-9a84-2a6086c3b410 2009-07-03T04:42:24Z 2009-07-03T04:42:24Z

Thank you, those replies were very helpful!

Bo 2009-07-03T04:42:24Z Ayperi http://bellydancebiz.tribe.net/thread/51d82664-8e5a-422e-a4bb-9738dc5e87d9#8f03b36c-21e2-4b17-9612-b7eccddaed97 2009-07-03T03:34:31Z 2009-07-03T03:34:31Z

Usually the question that those online prep helpers ask is something like "Did you have any income that wasn't reported on a W-4?" (er, W-2?) The bonus is that once you start reporting your dance business income, your dance expenditures become business expenses that at least in part counter your income... If you're like me, you spend more on workshops, classes, (and, yes, costumes), etc., than you make from dance, so it comes out even. If not, well, either you're a in a great spot OR you're not going to enough classes! ;)

Ayperi 2009-07-03T03:34:31Z Phoenix http://bellydancebiz.tribe.net/thread/51d82664-8e5a-422e-a4bb-9738dc5e87d9#313af412-a4c0-4277-a1f2-cb638cfb901a 2009-07-03T03:30:34Z 2009-07-03T03:30:34Z

I will first admit that I am no accountant and actually go to a CPA to handle my taxes -- with regular and two businesses in the house, it is worth using someone. I do have a 1099 with two places I teach. Since I am not an employee but instead a contractor with my own rate --- they need some form to show what they are paying me. If a place pays you over $600 (I think that is the magic number but I may be wrong there) -- then they must show this in their taxes so it is the 1099 for contractors. You will get a form at the end of the year showing you yearly income wiht them and my guess is that you are not being taxed --- the 1099 is contractor which means that YOU are responsible for filing and paying the IRS for the income. I did also have to get one from a partner who by the end of the year --- I had paid her about $1000 in classes and performances (where I was paid for both of us) so she had to do one for me so that I could show that the money went to her. If I did not do that then I would have been taxed for what I paid her. Hope this helps....like I said....I am in no way an expert in accounting....

Phoenix 2009-07-03T03:30:34Z Ayperi http://bellydancebiz.tribe.net/thread/51d82664-8e5a-422e-a4bb-9738dc5e87d9#db5a6c9f-1955-4e66-ae2d-f30a2e56c74b 2009-07-03T03:28:38Z 2009-07-03T03:28:38Z

It's actually less complicated than it seems, luckily. :) If they pay you more than $600 during the year, they'll send you a 1099, which means that *they* are reporting that expense (and payment to you) to the IRS. You'll have to fill out a Schedule C to report this income as part of your 2009 tax filing. It's pretty straightforward, and if you use TaxAct or one of those online preparation thingies like I do, they walk you right through it all.

Ayperi 2009-07-03T03:28:38Z Bo http://bellydancebiz.tribe.net/thread/51d82664-8e5a-422e-a4bb-9738dc5e87d9#2cacacba-4f0e-49cb-85b7-e221148abda1 2009-07-03T02:53:26Z 2009-07-03T02:53:26Z

Hey, do any of you have experience with 1099 forms (independent contractor)? I was hired to teach at a dance studio and they had me fill one out. I'm trying to understand the full detail of what this means and my responsibilities, since I know it requires more of me than a regular employment arrangement. Do any of you work as independent contractors? Any helpful links/advice appreciated!

Bo 2009-07-03T02:53:26Z