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love2read love2read is offline
 
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love2read
 
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reporting tutoring income
Old 12-02-2007, 05:04 PM
 
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What started out as a "little extra help" for a former student is now a paid tutoring position and I have another student who would like to work with me. I am glad for the extra money but I have no idea what to do about it for tax purposes. How do I report this income? Do I need to take out social security as well as taxes? Is this going to more trouble than it is worth? Thanks for your help!


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yes, it does have to be reported
Old 12-02-2007, 08:03 PM
 
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I tutor in the summers and if you make more that a set amount for the bracket you are in, you do need to report it. One summer I was barely over the amount and I ended up losing money because I had to pay more taxes and I normally get back. I would check on it before you say yes.
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