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

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

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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New Member

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

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.


View solution in original post

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