no immature answers please...
2007-01-28 17:52:38 · 4 answers · asked by nncywlndr 1 in Business & Finance ➔ Personal Finance
You can make up to $1,000 (I believe it is up from $400 in the past) in any work not related to your regular income and not have to pay taxes on it. It is considered a hobby.
Housecleaning
Babysitting
Birthday party entertainer
Lawncare
Pulling weeds, trimming hedges
Fertilizing lawns
Etc. Selling at a flea market for someone is a good idea.
2007-01-28 17:57:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Form 1040 Line 21 is for Other income
Publication 17 Your Income Tax for Individuals
The following information is from page 87 Other Income of this publication.
You must include on your return income from an activity from which you do not expect a profit.
An example of this type of activity is a hobby or farm you operate mostly for recreation and pleasure.
Deductions for expenses related to the activity are limited. They cannot total more than the income you report and can only be taken if you itemize deductions on Schedule A (Form 1040)
See Not-For-Profit Activities in Pub 535 for information on whether an activity is considered carried on for a profit.
2007-01-28 18:43:50 · answer #2 · answered by birdwatcher 4 · 0⤊ 0⤋
Well, you could go to some construction business and ask them to pay you under the table.
2007-01-28 17:55:57 · answer #3 · answered by Sloth for President 2012 3 · 0⤊ 0⤋
Try subcontracting work from an IRS agent! (sure wouldn't put my business in da skreet like dat!!)
2007-01-28 17:59:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋