Is it better, financially, to claim income from babysitting on taxes?
Quizzard is correct: you must report all income. This is ridiculous, but it is the law. Change the law and encourage your senator and congressman to support HR 25 / S 296, the Fair Tax. Learn about it fairtax.org, and join us at fairtaxnation. The tax system we currently have is literally destroying the U.S. economically and doesn't afford us the means with which to support the federal government, or ourselves, for that matter. You will see that the Fair Tax plan actually permits millions of jobs to come back to the U.S., trillions of U.S. dollars in offshore counts to come back, broaden the tax base, finances the federal government, and allow you to keep any and all income without penalty of withholding taxes. Call your congressman, your senator, and the House Ways and Means Committee, where this vital bill currently sits. This matter is urgent and vital to our economy.
by justa_goodwoman - 16 hours ago
This isn't really optional, and i don't know why the people below are suggesting this or that 'might' happen. The fact is, you are required by law to report all income. You're unlikely to pay taxes if that's all your income, but you don't get the option, you are supposed to report it and file a proper return.
by The Arbiter of common sense - 16 hours ago
$4200 (7 times $600) is a small enough amount that you would probably not owe income tax if you had no other income. You might receive the earned income credit. Your sister might qualify for a child care tax credit. Depending on whether the babysitting was in her home or your home, your sister might owe household employment taxes or you might owe self-employment taxes.
by StephenWeinstein - 16 hours ago
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