If I have a side job but made less than $500 so far, I don’t have to file the taxes for it right? I’m considered a contract employee there.

like
Posting as :
works at
You are currently posting as works at

Would I report it? No.

Do i also owe the IRS 13k? Yes.

likefunny

LOL good luck with that.

These responses are weird and clearly the people replying haven’t been contractors before. Check in with the company you’re doing work for and see how they’re classifying you. If they’ve paid you off your SSN or an individual EIN and have NOT taken taxes out of your pay, no, you do not need to file taxes until you receive over $600 in compensation. $601 and up, you need to file taxes. The company you’re working for should automatically process you a 1099 at the end of the year.

If you’ve had expenses that you’ve provided the company receipts for (or per diems don’t need receipts), make sure that is being excluded on your 1099 or you’re paying taxes on it twice.

Finally, talk to a tax expert. Messing around with your taxes is no joke and the last thing you want is a $10k+ fine from the IRS for incorrectly reporting less than $1k of income

like

THANK YOU!! this is what I thought but I wanted to hear from other people who actually had experience.

It’s income….

I thought there was a income limit? Under $600, you don't need to report.

You don’t have to report it. I thought it was 600 though.

yeah, that's what I thought too! I made less than $500 so it's pretty small.

What are you talking about ??? All income is income. Of course you have to include it in your taxes. You can leave it off and hope for the best if audited but do you really want to chance that for $500???

Read the other comments.

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