I have a regular salaried job. But I may make $300 dollars on an unrelated side project for a company if i were to design a logo for them.
Do I have to report this $300 dollars for taxes? If so how?
2007-10-31 10:45:43 · 8 answers · asked by aces 1 in Business & Finance ➔ Taxes ➔ United States
No, Don't worry about it.
2007-10-31 10:48:17 · answer #1 · answered by Donnao 7 · 1⤊ 4⤋
Have to? No, being arrested is another option.
Seriously,
1. If you are an "employee" of the company for which you do this side job, then you receive a W-2 and report the income the same as you do the income from your regular job.
2. If you are not "employed" by that company, then you are an "independent contractor" (do not worry about what this term means). You report the income on Schedule C or Schedule C-EZ. If the total of all your Schedules C and C-EZ (including this one and any others) exceeds a certain amount, then you also file Schedule SE. You attach all the Schedules to your 1040 when you file it.
2007-10-31 18:05:21 · answer #2 · answered by StephenWeinstein 7 · 1⤊ 0⤋
If the $300 was your only income, you wouldn't have to. But since you have other income too, then yes you are required to report it. You'll file a schedule C or C-EZ for the side job along with your regular return.
2007-10-31 20:11:32 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Technically, you do have to claim this money if your total income in over $400.00. And you will have to claim this money if the company you do the work for sends a 1099, which means they have also sent that information to the IRS. However, if you are paid cash and they are not reporting (1099) and it is a one time thing.....don't worry about it.
2007-10-31 17:58:52 · answer #4 · answered by Susan H 1 · 0⤊ 2⤋
You do have to report the income.
If you had expenses to offset the income, then report it on Schedule C. If not, then you could report it on the Miscellaneous Income line on your 1040.
2007-10-31 18:15:50 · answer #5 · answered by Steve 6 · 2⤊ 1⤋
Legally, whether its reported to the IRS or not, you have to claim it as income.
This income would go on Schedule C.
2007-10-31 17:59:46 · answer #6 · answered by Wayne Z 7 · 2⤊ 0⤋
Yes, you have to report all income. You would report that as self-employment income.
2007-10-31 17:53:34 · answer #7 · answered by marybobary 2 · 2⤊ 1⤋
If they send you a W2, yes. If not, no.
2007-10-31 17:53:42 · answer #8 · answered by Kyle B 4 · 1⤊ 4⤋