What is the most money you can make without reporting it to the IRS?

Answer 1

if you are self employed and get 1099s you have to report it, because the IRS already has that information and is waiting for the expenses from you on your schedule c or whatever. if you do something on the side and recieved under 600 dollars, you won't receive a 1099 and the irs won't know about it, so you aren't required to file for that one. if you get a w-2 there are different limits at which you don't have to file, but if you had something withheld from your paycheck, you may want to file to get some back, also if you have children, or other tax credits that may apply to you. sometimes filing a tax return is just informational so you don't get fined later.

Answer 2

You have to report all money to the IRS. You never know if the person or company that paid it to you reported paying it, or if they will be audited and the IRS will found out about it, so to save your own behind, be a decent citizen and report all of your income. If you don't pay your taxes, the burden is passed on to everyone else. Under other circumstances, that means a street fight.

Answer 3

Wow! What a load of hoohey! hey, bookkeeper, are you affirming you've in ordinary words been a bk for an hour? Your advice genuinely sounds like it! ok, a lot for the dumb solutions, now for a most suitable one: there is not any minimum, yet there darn particular are some optimal quantities of money you could earn with out having to report. regrettably this is not a standard answer because it relies upon upon countless issues. Your age, filing status, dependency status, and the source of the earnings all are available to play. truly you could report a go back in the journey that your earnings exceeds the filing requirement volume on your filing status. as an get mutually a unmarried taxpayer, less than age sixty six who's not the depending of yet another taxpayer could report in the journey that they have got $8,750 or extra in wages from employment in 2007. even with the undeniable fact that in the journey that your earnings is from self-employment, the wide type drops extensively, to in ordinary words $four hundred. you also favor to report once you've over $850 in unearned earnings, even with the undeniable fact that usually you received't ought to pay something till you exceed the $8,750 talked about above. Get a replica of IRS Pub 501 from their website for a whole talk on filing criteria for countless circumstances. it really is a ways extra advice than I care to type the following tonight!

Answer 4

you will have to pay the irs no matter how much money you make there is no way you can get around this. IRS will take all of it if you don't report the income you make.
I know this happen to a friend of my and they are still paying the irs on it

Answer 5

It depends on the amount of earned and unearned income you receive and whether you are single or married. The thresholds change every year. Go to irs.gov and look up the chart.

Answer 6

i believe its around 1k or less .. you dont have to report it

so of course if you have a little lemonade stand during the summer or if you get 20 dollars a week for allowance.. you're not required to report any of that

Answer 7

it depends how much kids you have ,and if you married or single
but one thing you should know, you should file in order to get a refund


all the best

Answer 8

if you are under the personal deduction you don't have to, but if you are..then you are pretty much guarenteed a refund, so why not file.

Answer 9

You are obliged to declare all your income, whether is earned or unearned.

Answer 10

if you work for the mob it is 3.2 million