Tax Law (Questions About Taxes)/Tax Question

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Question
If I earn money that is from side jobs, and not on a W2, how do i claim it, if there is no 1099 from the individuals that pay me.?

Answer
Depends how much

The legal answer is provably schedule c (as opposed to other income) because schedule c (or schedule c-ez) will add self employment tax

The shorter (and incorrect) answer is just to include on other income line.

The even shorter (and even more wrong) answer is to ignore it and not report anything


Remember to take the offsetting deductions for any expense incurred in generating the income

Tax Law (Questions About Taxes)

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MEdusa

Expertise

Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

Experience

19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

Organizations
AICPA, CSCPA (Ct society), National Tax,

Publications
a bunch.

Education/Credentials
MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

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