Why I don't post earnings

[LisaJac]

I'm fairly new to surveys, and I don't make as much as many of you. I'm not embarrassed or jealous, I'm just cautious. In theory (and by law) we should be reporting this income to the IRS. If you make a few thousand dollars, that could increase your tax by hundreds of dollars, or even more if you fall into certain categories. (The majority of my income comes from Social Security, so small increments can have large effects.) You may think, "Oh, the IRS doesn't care about a piddling $200," but believe me, they do, and in future I think they may care even more. Right now they don't track down small amounts, but someday they might decide that it pays to do so. Our taxes will probably be going up in the not-so-distant future. I don't think that that is a terrible thing, and if I keep doing surveys I may decide to report the income. Now, the IRS doesn't have to read this forum to find us (and a gmail account won't hide you for a split second) -- the survey companies definitely keep track of every cent they pay us in a database (and even if it is a really poorly managed, crappy database like the one they have at MyView, a competent administrator could clean it up in days or hours). If the IRS asks they will disclose those records in a heartbeat. But in any case as a general rule I think it's better to leave no trace. Maybe I seem paranoid, and you should feel free to make fun of me, but it's just my opinion.

[vwilliams55]

Originally Posted by LisaJac

I'm fairly new to surveys, and I don't make as much as many of you. I'm not embarrassed or jealous, I'm just cautious. In theory (and by law) we should be reporting this income to the IRS. If you make a few thousand dollars, that could increase your tax by hundreds of dollars, or even more if you fall into certain categories. (The majority of my income comes from Social Security, so small increments can have large effects.) You may think, "Oh, the IRS doesn't care about a piddling $200," but believe me, they do, and in future I think they may care even more. Right now they don't track down small amounts, but someday they might decide that it pays to do so. Our taxes will probably be going up in the not-so-distant future. I don't think that that is a terrible thing, and if I keep doing surveys I may decide to report the income. Now, the IRS doesn't have to read this forum to find us (and a gmail account won't hide you for a split second) -- the survey companies definitely keep track of every cent they pay us in a database (and even if it is a really poorly managed, crappy database like the one they have at MyView, a competent administrator could clean it up in days or hours). If the IRS asks they will disclose those records in a heartbeat. But in any case as a general rule I think it's better to leave no trace. Maybe I seem paranoid, and you should feel free to make fun of me, but it's just my opinion.

Well I must say I thought I was the only one not cleaning up on surveys here. I am sorry but I am not reporting the 2 or 5 bucks I make once in a while. They have taken far more from me working and they will continue. Let me take my 2 buck and be happy

[LapisLee]

Any company that you earn more than $600 from during the fiscal year is required to send you a tax form that you must file with the IRS with your income tax statement.

[paddysmum]

If you earn more than $400 in total from all survey companies,( not just $600+ from an individual firm) you must attach Schedule SE to calculate your Self Employment Tax.

The Self Employment Tax is a Medicare and Social Security tax for the self employed. If you were employed by someone else, your employer would deduct these taxes from your paycheck.

The income declared on Schedule SE is reflected on your annual statement from the Social Security Administration.

[LisaJac]

Thanks, Paddysmum; I knew this was potentially taxable income, but I didn't realize how much.

[vwilliams55]

Thats why I like this site alot. You learn alot and there are people helping people.