If people don't report earnings over $600, they could be audited by the IRS. The IRS warned this week that side hustlers and part-time workers should declare payments they've received from apps over $600 if they want to avoid paying taxes. Lisa Niser, a tax expert, told Insider that the worst case for people who don't declare earnings to the IRS is that they are audited and could be subject to penalties and interest.
Niser told side hustlers to take a course on taxes or hire an accountant.
She believes that an accountant is a good investment for everyone as a good one will provide more than a tax return. Access to information can be valuable.
The American Rescue Plan of 2021, also known as the COVID-19 Stimulus Package, changed when it was passed by Congress last year.
The IRS said that it's important that your business books and records reflect your business income.
You have to report all of your income to the IRS. Cash, checks, and credit card payments are the most common forms of business income.
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