can i use this for extra income

[Cham 3]

I started a photography business but no taxable income just paid to do it. I make about 400 extra a month doing that and it is permenent. I have signatures from folks i took them off and are regular customers. Can I include this with our income for the k3 money requirement????

[Dogwood_Poet 16]

You will have to declare it on your taxes before it can be counted as income. And legally you have to report the income.

In the US there is no such thing as 'non-taxable' income, remember Al Capone . . .

[Y's_habibitk 2]

Yes, it IS taxable income as the above poster said. You can count it as income but they will want to see that you have paid taxes on it.

[Cham 3]

Yes, it IS taxable income as the above poster said. You can count it as income but they will want to see that you have paid taxes on it.

how do I go about doing that and getting taxes started in on it???

So confusing!

lol

[Dogwood_Poet 16]

You will just need to keep records of income and expenses, then file a Schedule C - Income from business when you file taxes.

One good thing there will be LOTS of things you can deduct, but you will only be able to claim the profit as income, not your net.

i.e. You do $3,000.00 a year in business, but your business expenses/deductions are $2,750.00, your profit is only $250.00 and that is what they will consider.

I know because I was self-employed when I filed for my wife and they would only look at my profit, not my gross income.

[Cham 3]

You will just need to keep records of income and expenses, then file a Schedule C - Income from business when you file taxes.

One good thing there will be LOTS of things you can deduct, but you will only be able to claim the profit as income, not your net.

i.e. You do $3,000.00 a year in business, but your business expenses/deductions are $2,750.00, your profit is only $250.00 and that is what they will consider.

I know because I was self-employed when I filed for my wife and they would only look at my profit, not my gross income.

ahh got ya thank you!!