How much do I have to make from a side business to claim it on my taxes?

brianabrewer · ‎June 3, 2019

RyanH2 · ‎June 3, 2019

If you make any money at all with your side-business, you should file.

While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as:

cash earned from side jobs,
barter exchanges of goods or services,
awards, prizes, contest winnings and
gambling proceeds.

If you earn less than $600 you can report it as miscellaneous income. Anything above that generally requires a 1099-misc or W-2.

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RyanH2 · ‎June 3, 2019

If you make any money at all with your side-business, you should file.

While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as:

cash earned from side jobs,
barter exchanges of goods or services,
awards, prizes, contest winnings and
gambling proceeds.

If you earn less than $600 you can report it as miscellaneous income. Anything above that generally requires a 1099-misc or W-2.

genesisnataly · ‎January 24, 2021

Does this also count if your operating your business from an LLC?

How much do I have to make from a side business to claim it on my taxes?