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  1. #1
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    Taxes : Do I need to report.....

    I have earned a little here and there from different place such as CJ and a little through Ebay and a few others but none of the amount I have earned have been over $600 dollars. Is $600+ from one source still the magic figure for which you need to report income? Help

  2. #2
    SitePoint Wizard Lil_Red's Avatar
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    If you earned less that $600 total from ALL sources then you don't have to report it. The best thing to do would be to talk to a tax accountant though.

  3. #3
    SitePoint Evangelist
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    You could get some sort of TaxCut software, and go ahead and file, and see if your positives/negatives etc. - If your negatives, worry. If your positives, don't worry as much. But I'd talk to a tax consultant - But how would the Govt. know if you have made enough money etc.? Especially for places like that - Since theres no checks [technically] - They can seise your bank records, but who knows thats not loans/giveaways?

  4. #4
    SitePoint Wizard Lil_Red's Avatar
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    Quote Originally Posted by medicjoe95
    You could get some sort of TaxCut software, and go ahead and file, and see if your positives/negatives etc. - If your negatives, worry. If your positives, don't worry as much. But I'd talk to a tax consultant - But how would the Govt. know if you have made enough money etc.? Especially for places like that - Since theres no checks [technically] - They can seise your bank records, but who knows thats not loans/giveaways?
    So you're basically advocating being a tax cheat which means that honest people end up paying more taxes to compensate for people like you

  5. #5
    Hi there! Owen's Avatar
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    Quote Originally Posted by Lil_Red
    If you earned less that $600 total from ALL sources then you don't have to report it. The best thing to do would be to talk to a tax accountant though.
    I believe you need to report ALL income you earn. If you earn less than $600 the company you earned the money from doesn't has to report it, but that doesn't mean that you don't have to report it. You're legally responsible to report all income you earned, even if it's $5. (For example, if you earn money from a Canadian company, they don't tell the IRS anything, but that doesn't mean you don't have to pay taxes on it.)

    That said, if you don't report it, I doubt the IRS would ever know (not that I would advocate such a thing ).

    Owen

  6. #6
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    the safest bet is reporting everything.

  7. #7
    SitePoint Wizard johntabita's Avatar
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    Quote Originally Posted by medicjoe95
    But how would the Govt. know if you have made enough money etc.? Especially for places like that - Since theres no checks [technically] - They can seise your bank records, but who knows thats not loans/giveaways?
    There's a name for what you're describing. It's called tax evasion. The government couldn't seem to put Al Capone away for murder, but they did mange to jail him for 11 years on tax evasion.


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