Tax Time

Well boys and girls, the tax season is among us. Does anyone who is 16+ claim income on the freelance work they do? Im in the boat right now for the first time that I have a solid job and a solid freelance gig so now I am in a higher tax bracket. Thoughts?

Don't claim it. Fight the power!

Taxes? How does that work?

I seriously have no idea how to do taxes. My father in law did them last year. But no, I don't claim any freelance work. That's just nuts.

Just give the IRS at least 72% of what you make and they won't complain.

Well, my big concern is that the two places I do the majority of my freelance for are companies on their own; meaning they pay me by cheque, business cheques at that. So I'm a bit worried with letting that income go undeclared. I think legally I have to claim it or I can be audited. Im not really sure what its like in Canada, I know the IRS is like America's biggest fear. :D

YES MONEY! I LOVE MONEY!

I dunno.. I think that if it was a major part of your income you "have" to claim it.. but if your net earnings is under 8k you don't have to pay income tax anyway and you'll get it all back .. atleast in canada

Just an F.Y.I. A lot of businesses you do side work for "claim" your payment as a write off.

I got a letter about 8 months ago from my IRS buddies saying they wanted over $4,000.00 from income ezboard turned in ( back in 2000 when I did work for them off and on). Well I checked and yes I did claim that income and it ended up being a mistake on the IRS's part. BUT, if I had not claimed that I'd have to cough up the $4000.00 plus I'm sure every tax return from 2000 on would be gone over very thouroghly.

So the bottom line is if you do something for a company the odds are they will write it off. And the odds are you will get busted if you don't claim it ;)

I hate taxes! Wasn't the Boston tea party over about a 5% tax?
Sheeeesh, I'd love 5%!

Great, thanks guys. Thank you Pank as well. This was my basic feelings towards the matter, just wanted everyones take.

Im 18 and i made "$3999" last year on freelance photo. Anything under $4000 you do not have to claim.