![]() ![]() ![]() ![]() If you make money cleaning houses, catering out of your own kitchen or through another informal side hustle in exchange for cash, chances are this work has been “under the table.” However, that’s not true of income from other sources. The IRS has received the same information from employers about the income that goes on W- forms since the 1940s. I think it’s important that everyone understand why this may matter to them now or in the near future.įor people who earn most of their income through steady jobs, these changes probably don’t make much of a difference. I am a tax researcher studying the IRS’ use of technology and how that affects taxpayers. And this new system will enhance the agency’ ability to detect any underreported taxable income. New rules are going to make sure the Internal Revenue Service gets more information about payments made to Venmo and other apps often used for informal work. Do you rent out your home a few weekends a year through Airbnb? Sell stuff on Etsy? Get paid for pet-sitting? If you, like many Americans, make at least US$600 a year with a side hustle of any kind, the way you pay taxes may soon change. ![]()
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