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    2 Replies Latest reply on Jan 25, 2008 8:05 PM by LUCKIEST


    crestmint Newbie
      do i have to report taxes on my side business that I am just trying to start? I only make $200 a month.
        • Re: taxes
          Wingman Adventurer
          Hi crestmint,

          Is this a trick question or something? I can't believe I'm reading this question on this forum.

          From a legal (not to mention moral) standpoint, YES you should report this business income on your tax return. I am assuming that you also incurred some expenses related to the operation of your business. These legitimate expenses can be used to reduce any income earned by your business during the year.

          Be sure to keep track of all your income and expenses so if you get audited, you'll be able to provide proof. If you haven't already consulted with an accountant and/or attorney, yo may want to think about it before your business starts to really grow.

          Good luck
          • Re: taxes
            LUCKIEST Guide
            The tax man wants his share of all income. $200 a month is $2400 a year.
            I am not a lawyer or a tax auditor BUT if you are not reporting income of $2400 a year,
            be ready for the IRS to come knocking on your door.
            Get an Accountant.
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