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 Tax experts - wages earned in cash. how can tax be filed?
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Posted on 03-07-21 10:15 PM     Reply [Subscribe]
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Asking for a friend who has been working in cash/paypal balance etc (wages, gigs). He says he made about 30k. How does he go about filing taxes? He wants to pay taxes on money he made.
 
Posted on 03-08-21 8:59 AM     [Snapshot: 133]     Reply [Subscribe]
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Companies/LLCs are required to file a 1099 if they paid someone more than 600 a year, "friend" can request the 1099 from the companies. If not put the amounts under 1099MISC.

Form 1099-MISC, Miscellaneous Income
If you do freelance work or contract labor during the year for other businesses, the IRS requires those businesses to send you Form 1099-MISC by the end of January. You should receive it shortly thereafter.
You must report all business income, including cash or barter payments, regardless of whether you receive
 
Posted on 03-08-21 9:22 PM     [Snapshot: 247]     Reply [Subscribe]
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What if they were general labor/help. Such as freelance work (digital marketing for restaurants, companies that don't wanna provide anything)?
 
Posted on 03-08-21 9:48 PM     [Snapshot: 252]     Reply [Subscribe]
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Posted on 03-11-21 8:53 AM     [Snapshot: 445]     Reply [Subscribe]
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im sorry. wht does that mean?
 
Posted on 03-11-21 10:22 PM     [Snapshot: 517]     Reply [Subscribe]
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Schedule C is where self employed enter their earnings and expenses in tax return.
https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
 
Posted on 03-13-21 2:22 AM     [Snapshot: 593]     Reply [Subscribe]
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Posted on 03-14-21 1:12 PM     [Snapshot: 703]     Reply [Subscribe]
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Schedule C को लिंक त तासिदिनु भयो त्यो भर्ने कुरा चै कसले बुझाइदेला ?

मेरो बिचारमा यो वर्ष कुनै प्रोफेसनल ट्याक्स भर्ने ठाउ मा जादा बेस होला कि ? अर्को बर्सको लागि १०४० र तेस्को इन्स्ट्रक्सन डाउनलोड गरेर 2-३ पल्ट दोहोर्याएर पढ्नुस र नबुझेको कुरा साझामा टाष्नु भए अहिले सहयोग गरि रहनु भएकाले अबस्य पनि तपाइलाइ बुझाइ दिनु हुन्छ ?
मैले तपाइको ट्याक्स भर्ने काम मा स्वबलम्बि हुन खोज्नु भएकाले १०४० इन्स्ट्रक्सन पढ्न सल्लाह दिएको हु अन्यथा नलिनु होला |
 
Posted on 03-14-21 2:35 PM     [Snapshot: 728]     Reply [Subscribe]
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That's fine, it seems your friend is a responsible person. BUT when there is an issue of money, a calculation is important before you open your mouth.

Remember, on 30K, he/she has to pay State tax besides Federal Tax(IRS) as well.
Lets do IRS tax:
30K, single, 2020-deduction is 12,400: estimate you will owe $1,914
Now, State tax ( ex. Maryland ) : Estimated State Income tax: $1,126

Your total tax: $ 3,040 If you don't pay full penalties and Interest...Are you ready?

Now if he/she says made 22k...State tax (as MD example) $746 and IRS tax $960 , total is = $1,706 

When you make cash, you are the one who is going to put the number in IRS mouth. 
Last edited: 14-Mar-21 02:41 PM

 
Posted on 03-15-21 10:37 AM     [Snapshot: 846]     Reply [Subscribe]
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Your "friend" better get a LLC registered. This will allow him to deduct resonable expenses before paying taxes on income. Thats the whole point of schedule C.
 
Posted on 03-20-21 12:04 AM     [Snapshot: 1031]     Reply [Subscribe]
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You do not need to register LLC to deduct expenses. LLC provides you liability protection.
 


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