I only worked for one month as an independent contractor. Would I still have to file my taxes for that job? I was told it would not be a big deal because of the short length of time. I do not want to get an audit.
Whether you receive a 1099-MISC or not, you are required by law to report the income. The law requires you to keep accurate business records and to use those records to prepare your tax return.
If this was your ONLY income for the year the filing requirement is $400. If you are already required to file a return you must report every dollar of self-employment income. You will owe self-employment tax on the net profit and may owe income tax as well.
You'll file a Form 1040 return and attach Schedule C to report your earnings and business expenses. If the net is $400 or more, you must attach Schedule SE to figure the self-employment tax. The SE tax is 15.3% of 92.35% of your net profit from self-employment.
You have to include all your income on your tax return. The independent contractor portion would be reported on Sch C or C-EZ. Whether or not you'll have to pay self-employment tax will depend on how much you made.
if your Sch C will be $400 or more yes you file that form and Sch SE and pay the self employment tax at the very least
this may impact your overall total income, or it may not
Yes, you still have to file that income. The length of time has no relevance at all.
You still have to file if you made $400 or more. The amount of money is what matters. The amount of time does not.
You earned income, so yes. You'll have to report it on your income tax return. Next year (around late January) you'll get a "1099-MISC" form in the mail. You'll include this information on your return via Schedule C.
YES you do if you made four hundred dollars or more.