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| *Loan,banking and credit>>>tax advice |
If i am offering amateur advice to people for a small fee, do i need to register it as income for taxes? |
i always thought it was something like babysitting where you dont have to tell the government that you are making that money and its just a personal check or cash from the client to the person working. right? Why start a business like that when we have Yahoo answers???? well i can tell you but, it's gonna cost you a dollar. ....lol..... I think it depends on your income. IRS has a minimum (I think it's $2000.). If you total adjusted gross income is less than the minimum, you do not have to file. Otherwise, what you have is a consulting business. All of your office expenses, business mileage, and many other expenses are tax-deductable. It may be to your advantage to report the income. Since you are dealing with various clients, none of them will be reporting expenses paid specifically to you, so IRS will rely on your report as to how much money you made. Of course, it's best, and the right thing, to be honest. All income must be reported or you could be in serious trouble. Just like babysitting, you are required to report the income. |
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