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You have to report you art commissioning income to the IRA?!
4 months ago
General
Was thinking about going back into drawing, when I found this:
https://www.youtube.com/watch?v=j-Y2PbG7b1k
So now, if I ever want to do commission work again, I have to report my income from that, even if it's just $50, to the IRS when I do taxes? Seriously?
**sighs** Jesus Christ.
Anyone out there doing commissions as of now, is this true?
https://www.youtube.com/watch?v=j-Y2PbG7b1k
So now, if I ever want to do commission work again, I have to report my income from that, even if it's just $50, to the IRS when I do taxes? Seriously?
**sighs** Jesus Christ.
Anyone out there doing commissions as of now, is this true?
Freelance work is still earned income to them and if they audit accounts in yer name and see all the income; they can audit and charge for backtaxes and the like.
It works differently between countries, but since yer looking into IRS, i assume yer also US-based. (Sooner addressed the better in that case. Cuz they love finding ways to fuck people over.)
It's called Self Employment / Hobby income and yes it is subject to taxes. And it's been true for a very LONG time.
If this is just a hobby, then you have to report any income generated. But if it's a "side" business, you can deduct some of your expenses against that income. But you'll still have to do some paperwork.