You owe taxes even if you made $20 for the year. Of course, you should be able to write thing off to offset much of it. You need to pay taxes on ALL income, even prizes that you win, eBay sales (assuming you made more than the product cost), a lemonade stand, babysitting, mowing the neighbor's lawn, etc. It's all income, and therefore taxable.@Blessedlady wrote:
If you made 2,000 for the year, would you owe taxes on it. Thanks for yr help
@ceasesmith wrote:
Actually, there is a small exemption for "occasional" stuff, like garage sales and lemonade stands; both for sales tax (states) and income tax (Federal).
@kimmiemae wrote:
Yeah, but if you consider mystery shopping like that, would she still be able to take deductions like mileage and stuff? I would think if you looked at it like a garage sale then mystery shopping would be more like a hobby and wouldn't be able to take deductions???
@ceasesmith wrote:
Actually, there is a small exemption for "occasional" stuff, like garage sales and lemonade stands; both for sales tax (states) and income tax (Federal).
@cjbstar wrote:
The forum is not a reliable place to ask about taxes, no offense to anyone. You will get a different answer from every person. Some of the answers are correct, but only based on whatever experience or knowledge they may have. The IRS is happy to answer any questions you have, but be prepared to be on hold from 5 minutes to ??. Talking to a tax professional is your best choice. Many will give a free consult.
I stand corrected there. I did have to pay taxes on a contest I won. The company shipped the prize from overseas and I got billed for duty as well. Was still worth it.@ceasesmith wrote:
Actually, there is a small exemption for "occasional" stuff, like garage sales and lemonade stands; both for sales tax (states) and income tax (Federal).
@hvlasph wrote:
Hi. Does anyone know of any mystery shopping company who has an income tax return Mystery Shop in 2020?
Regards,
Hannah
@hvlasph wrote:
Hi. Are you talking about the "Fifteen Most Discussed Companies" ?? I didn't find the "top 15" companies.
@Forever Blue wrote:
New Question: Will any MSC send us a 1099-MISC form even if we made less than $600 last year?