If i earn money online do I need to claim it on my tax report?
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Question by penny a: If i earn money online do I need to claim it on my tax report?
If i earn money online (from my own website) do I need to claim it on my tax report ? ‘Cause if I don’t claim it, there’s no way for them to find out how much (if any) I earned, right? What’s the best way to earn money online without being scammed?
Best answer:
Answer by Wayne Z
Yes, you need to report it.
If it is your only income, as soon as you make $ 400, it is reportable.
If your other income already puts you over the filing requirement, ALL additional income (even $ 1.00) must be reported.
99.99999% of all online income “opportunities” are SCAMs.
Know better? Leave your own answer in the comments!
If you make income online (it’s possible, many stores do, but not from anyone that says “make income online, click here”) you need to report it on your tax return (US laws).
How could they catch you? Bank records, credit card transfers, paypal transfers, check records, all are subject to IRS summons. If you are a “small fish” they probably won’t fry you; if you are a major under-reporter, watch out.
May 13th, 2013 at 8:49 pmYes you would be required to report income from online activity. There are a number of ways that the IRS or state tax agency would catch you. It is true that they may not bother for a couple hundred dollars. The nature of your activity would determine the likelihood of you being detected.
May 13th, 2013 at 9:26 pm