08/26/2026
: Myth of the week: “If I don’t get a 1099, I don’t have to report the income.”
The IRS disagrees, strongly. That $600 threshold for issuing a 1099 is about when the payer has to report it, not about whether you owe tax on it. Cash job, Venmo payment, barter deal …if you earned it, it’s taxable, paperwork or not.
Keep your own records. The IRS doesn’t grade on the honor system, but they do notice when the math doesn’t add up.