Report all your income even if you don't get a 1099
Sunday, February 23, 2014
The U.S. economy is getting better. Except in sectors where it isn't. About the only thing economists, politicians and consumers can agree on is that we have no good idea yet of the country's real economic direction.
And that means lots of folks are still looking for work.
Tax season can be an added hassle for the unemployed. But it also can provide some folks a shot at a job, at least for a little while.
FlexJobs.com, the website that focuses on positions that offer worker flexibility, such as telecommuting, part-time, freelance or flextime posts, has come up with some seasonal accounting jobs that typically turn up in tax season.
They range from auditing positions to risk assurance efforts to administrative assistance to tax preparation itself.
In addition to employment possibilities with tax accounting firms large and small, don't forget about the franchised tax offices that help millions fill out their federal and state returns each year.
And even the Internal Revenue Service might be an option.
The postcard above and similar mailings have showed up in my snail mail box in the past.
Of course, this year, what with the Congress pulling the tax agency's purse strings a little tighter, it could be tougher to get a job with the IRS. But check out its seasonal and part-time Web page just in case there are some openings in your area.
Tracking part-time pay: A lot of folks enjoy part-time work. It's a handy way to pocket some extra cash and still have time to do what you really enjoy.
Too often, though, some don't follow through with their tax tasks.
If they've worked a lot of small jobs, they might not have received any documentation of their pay. Employers don't have to issue 1099 forms unless the payment is $600 or more.
But, as today's Daily Tax Tip notes, regardless of how little you make and even without any official paper detailing the earnings, the tax law requires that you report the income on your 1040.
Don't ask for tax trouble: I'll grant you that it's tempting to let those payments of $599.99 and less slide. Exactly how will the IRS ever find out about them?
Do you really want to find out the answer to that question?
So don't test IRS examiners' expertise. Instead, report all the money you've earned, regardless of the amount.
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