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sairashab
Member
Joined: 20 Apr 2007
Posts: 27
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# Posted: 25 Feb 2008 09:42
Reply
Hi y'all, I have a question about filing taxes. I work at a retail store part time. I know I am going to file my taxes for that. I also did one mystery shop I only made $10 from that. I also made some money with this work from home website project payday. I lost more than I made but since I don't have any records, I would have to file taxes. I think I read it here that if we make less than $600, we don't have to file taxes. I only made around $283. Can someone guide me about it?
Thanks
Saira
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mountainmom5
Member
Joined: 30 Aug 2007
Posts: 605
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# Posted: 25 Feb 2008 12:03
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I just had my taxes done and I am not an accountant so please take this as info and not instructions on what to do - lol!
But my accountant basically said, we should have records of everything that we file... both in expenses and income.
So, if you don't have records to prove anything - and should you get get audited - which they do on a random scale at times - it's better to not have it on your file at all, in my opinion...
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PNL Travel
Preferred Member
Joined: 28 May 2006
Posts: 222
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# Posted: 25 Feb 2008 15:11
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I am also not an accountant, but I am pretty sure that $600 rule (if you make less than $600 you do not have to file it) is still around.
You can always call one of the tax services and ask before you get started to be sure!
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dmitch31
Member
Joined: 18 Jan 2008
Posts: 158
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# Posted: 27 Feb 2008 18:05
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Well, if you don't have any records it would be hard to prove anything either way even if you were audited. If the IRS was going to try to audit you, what would they audit?
The truth is, that the IRS isn't terribly worried about keeping their eye on small amounts of money like you are talking about. They are more concerned with auditing and finding people evading taxes on a much larger scale.
If you would ever do something like this again, it would pay you to maintain records, because as in this case, you lost money. Your documented loss would reduce your taxable income which means you would pay less taxes. If you ever lose money in any endeavour, hang on to your records, because they will lower your taxes!
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NTC
Member
Joined: 12 Mar 2008
Posts: 143
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# Posted: 13 Mar 2008 15:10
Reply
http://www.irs.gov/individuals/article/0,,id=96623,00.html
This should be very helpful for you.
Have a great day,
Victoria
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opendomain
Member
Joined: 19 Aug 2007
Posts: 387
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# Posted: 13 Mar 2008 16:08
Reply
i'm not an accountant but I play one on tv JK I am a book keeper though and most companies will not report your income to the IRS. SO if you don't file you're ok. The only time the IRS will start looking at you is if a company says, hey she made over 600 with us, she is able to be taxed.
Definately always keep some type of record of what you've made. You, if you wanted to, could even set up an LLC and use some of those expenses as tax write offs. BUT if you're not going to be filing there really is no need.
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