#AskEden - Does It Get Reported Under $600?

Experiment Experiment
I know that you have to file a tax form to EF if you want to participate in the EF affiliate program. If you make over $600, they say that they have to report it to the federal government. If that amount of money is less than $600, do you send that information to the federal government?

Is the tax information we send you used under $600, or do you just make sure to have it on file in case we do make over $600?
08/13/2012
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Jenn (aka kissmykitty) Jenn (aka kissmykitty)
Generally, if you earn $600 or less in total from all independent contractor "activities" (freelancing, product reviews, etc.), you do not have to report it. But just in case, you should always keep receipts and invoices around.

Also, I am by no means a tax professional, so you should always check with one just to be sure. I'm replying based on my experience with filing taxes as a freelancer/independent contractor since the 2007 tax year.
08/13/2012
mama2007 mama2007
Quote:
Originally posted by Jenn (aka kissmykitty)
Generally, if you earn $600 or less in total from all independent contractor "activities" (freelancing, product reviews, etc.), you do not have to report it. But just in case, you should always keep receipts and invoices ... More
All the orders we make goes toward what we earn? im an affiliate and have a TON of toys. but as an affiliate, in 2012 i have made maybe 250 so far.
08/16/2012
closed account closed account
I asked when setting up commission payouts and they were not able to answer for legal reasons they have to refer us to our tax professional. HR block will usually answer easy questions over phone for no charge. (if u do it online they will try to charge u)

thru the grapevine i heard they report to irs if over $500 annually. maybe that's gone up to 600? then the total amount across all affiliates and income would be up to us to be aware of to report as each company would not know what was made elsewhere.

i am going to stop my payouts until i get professional advice. i suggest you do the same. u can just let them accrue until you find out what your options are based on your specific situation.
08/19/2012
Total posts: 4
Unique posters: 4