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California tax question

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  • California tax question

    Hello,

    Someone current with Calfornia tax laws? This applies to filing taxes if you
    make more then $400 a year if self employed. Does that apply in California?
    Would a single person under 65 owe any money if they made less then $7000
    self employed? Are taxes based on money you recieve in a certain year
    strictly? Say for instance if someone recieved $6000 from someone to put
    logos on their internet site because they want to benifit from the traffic.
    I guess that is still called income but what if the agreement was for two
    years and someone recieved the money in 2003? Then the income that the
    person recieved in 2003 would not apply to a tax return filed in april 2005
    which is of course for 2004, even if the agreement called it a payment for
    two years, 2004 and 2005. So basically since someone recieved the money in
    2003, I am thinking that was to be only acccounted for in a tax filing in
    april 2004 which is of course for 2003.

    I know, truly a dizzying intellect I have.

    A bit murkry to me.

    Thanks in advance.





  • #2
    If you received income in 2004 for work done in 2003 and 2004, report it. This is a gray area because some may say report as you are paid, and some may report it at project completion, but the key is to report it as income. I suggest calling the IRS helpline for more guidance.

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