2007-01-26 01:03:14 · 7 answers · asked by candz1314 1 in Business & Finance ➔ Taxes ➔ United States
Yes... regardless if the money is in cash form (as in tips from waiting tables) or check form, all taxable income should be reported to the IRS.
2007-01-26 01:14:37 · answer #1 · answered by Tina K 2 · 2⤊ 0⤋
Yes, you need to file an income tax return. You are self-employed, so even a net income of $400 requires you to file a tax return.
2007-01-26 09:16:21 · answer #2 · answered by ninasgramma 7 · 2⤊ 0⤋
Yes, of course! Most of us only have cash income by the way. Not many of us are paid in frozen pizzas and TV sets but even if we were we'd still have to pay taxes on it.
2007-01-26 09:14:57 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Yes, you made money last year – income – hence the name, income tax.
2007-01-26 09:10:37 · answer #4 · answered by Celt 3 · 2⤊ 0⤋
Not if you can get away with it. Beware if your return gets pulled for audit, you are going to need to explain how you lived with no income. Also, some one may turn you in if they know you didn't file.
2007-01-26 09:10:21 · answer #5 · answered by starflower 5 · 1⤊ 1⤋
if noone who paid you is going to report the money as a write off on their taxes,or any other trace of it can be found,i wouldn't report it.though technically you are suppose to report all income
2007-01-26 09:10:59 · answer #6 · answered by Denis C O 2 · 1⤊ 2⤋
It is the right thing to do! It will come back and bite you in the a.s.s. one day!
2007-01-26 09:11:09 · answer #7 · answered by HereweGO 5 · 2⤊ 0⤋