Or is there a set limilt... like as long as you don't earn more than 10,000 a year?
2007-09-04 13:00:31 · 5 answers · asked by Niki 1 in Business & Finance ➔ Taxes ➔ United States
If the "side work" is your only income, then you don't have to report it if the total is under $400 for the year, otherwise you do. If you are already filing a return anyway, like if you have another job, then you have to report it from the first dollar.
2007-09-04 14:46:33 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
LOL, dream on. $10,000? Poverty level is under $5,000 so you're way over the limit.
YES every penny you take in (outside of rummage sales unless you earn more than $500 a year in that too), has to be reported as income on state and federal tax forms. You'll also need to MAKE SURE you pay the self employment tax or you'll be raising red flags with the IRS and get yourself audited.
2007-09-04 20:07:02 · answer #2 · answered by Elaine M 7 · 0⤊ 0⤋
Not only in WI but anywhere in the world that you earn the income. If your total income exceeds the filing requirement amount for your filing status, ALL income from all sources MUST be reported. There is no freebie for "side work" anywhere.
2007-09-04 20:08:15 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I believe you have to report all income regardless the amount. Even you have earned 0$, you still have to file your taxes. Just so you know. But of course ... ;)
2007-09-04 20:08:24 · answer #4 · answered by coldrain 5 · 0⤊ 1⤋
In ALL states, income from "side-work" would be considered taxable income.
If your employer is paying you under the table, he could get into trouble.
2007-09-04 20:08:04 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋