Say I had a side "job" that pays cash. I ****ume I am suppose to pay taxes on this. How would one pay taxes on cash income?
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Say I had a side "job" that pays cash. I ****ume I am suppose to pay taxes on this. How would one pay taxes on cash income?
Claim the income on your taxes and write a check for them.
If they do not send you a 1099 then simply add it to your income and pay the taxes
The following users like this post: stationarymotion
How have you managed to make it this far in life?
7 users like SMC's post: drspencer, OUMallen, SoCaliSooner, soonerdm, suncoastsooner, teh don, The
you have to pay ss tax as well as income tax on it if nothing was withheld
Kinda seems like you're giving him too much credit, but I'd like to know, too.Originally Posted by soonersmc
Even TurboTax holds your hand through this process..
The following users like this post: Aurora
I have just never had to do it. Never had income on the side.
I am glad you finally started charging for your prostitution services
Giving hand jobs for cash is illegal. Don't claim it so you avoid prostitution charges
surprised it took this long...
the old voice of experience
I know we are all slipping
Are you paid cash because you are more like an independent contractor than you are an employee?
Three ways to handle this. [note: I am not an accountant. This post is for entertainment purposes only.]
There is an "other income" line. I've used it for a small stipend payment of 300 or 500 bucks. Beyond that, I have used Schedule C-EZ and have also used Schedule C if I have expenses to deduct.
The following users like this post: SoCaliSooner
So unless the people paying you reports it how will anyone know you earned it?
That's where I'm confused. If nobody knows pocket that ****, hide it from your wife and hit the titty club. It's a win win
The following users like this post: SoonerBounce
Well first of all it's Bounce but I agree. I used to know someone that had a small day care and if the parents reported it on their taxes she would have to declare it as income. Otherwise why would you. I doubt if the lawn guy declares all his money.
How do you know if the parents report it?
They'll send you a 1099. If they dont, I say **** it. Just put in your pocket. Dont put it in your back account. If you ever get audited it could raise some flags. Just use the cash for stuff like buying groceries or better yet titty bar! No one will ever know
Parents don't issue 1099s. They report the child care deduction on their income tax return. They will need the caregivers SS# and address. If they request that I would imagine they would be claiming it.
The best thing that's come from this is finding out Bounce is moonlighting as a babysitter.
Or EIN for corporations (ex: non girl nexr door babysitting your kid).
So Bounce is doing spray tans on the side now?
Correct.
I miss read it. For some reason I was thinking he was talking about his side jods.
I think he was...see my last statement of the post.
We all knew where the income was coming from.
It's not a shocker anymore.
here is the form that the parents will fill out http://www.irs.gov/pub/irs-pdf/f2441.pdf
and you can use this one http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
The following users like this post: RockFlagandEagle
If it's under 500, maybe 600 i forget, the employer will not file a 1099. Then it's solely up to you whether or not you wish to declare that income.
Tax code explicitly states that you have to report income from illegal activities. His choices are to be guilty of prostitution, or to be guilty of tax fraud AND prostitution.
HA! Evidently I can't read today.I think he was...see my last statement of the post.
tax evasion sends you to federal prison....... no thank you!!!! and you still have to pay the money back---sucky deal IMO
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