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Computer work on side

By Snuffy09 ·
If I do my fulltime job as a tech for a company and also do Computer work on the side (less than $1000 a year) on my own time at what point do i have to pay the IRS for the work i do on my own time?

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Technically speaking....

by ThumbsUp2 In reply to Computer work on side

... every cent you earn needs to be reported. If you don't and the IRS can prove you've been hiding income, you could end up paying back taxes as well as penalties.

Now, that doesn't mean you can't offset that income with expenses such as travel and home office. But, you probably need to set up your own small business, legally registered in the county in which you operate, to be able to deduct those expenses.

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so...

by Snuffy09 In reply to Technically speaking....

if i report the extra money i make on my taxes i will owe more anyway correct?

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Do you know...

by Snuffy09 In reply to so...

Where i can get some more information?

I need details. I thought you didnt hav eto pay unless you made more than $600.

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Earnings reporting for Independent Contractors

by boxfiddler Moderator In reply to Computer work on side

begins at $600, though I'm of the impression that self-employment taxing begins at $400.

Having been in a position to submit 1099's and W-2's, this is where I began.

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