5 Filing Mistakes That Will Likely Warrant A Tax Audit

#4. Failure to Report Extra Income

Most people nowadays have a “side gig” or additional job/hustle to help with living expenses. But, the IRS says we fail to report this extra income on our taxes. For instance, if you paint houses on the weekends and get paid, if the income tallies up to $600 or more, you must report it on your taxes. If you are a freelancer or independent contractor, any monies made over $600, the person who employed you must send you a 1099 Form. If you do not report this income on your taxes, but the business owner did, you can rest assure that the IRS will be contacting you.