What Income Should I Report To The IRS?

What income should I report to the IRS? All income [is to be reported to the IRS]. All income [is to be reported to the IRS]. It doesn't matter whether you are a W2 employee or if you receive a 1099. This...

All income [is to be reported to the IRS]. It doesn't matter whether you are a W2 employee or if you receive a 1099. This is where a lot of people get into trouble. Say I go out and do a construction job on a site and the guy pays me. There is something that's called non-employee income and I am supposed to report that on my tax return and that guy is supposed to send me a 1099. Well if I get the 1099 and I don't claim that money on my tax return it may take the IRS 2 or 3 years, but eventually I am going to get a letter that says this is what you reported and this what should have been reported and now you owe this much money plus penalties and interest.

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