You are required to report all income regardless of whether it is paid in cash, check, money order, debit cards, bank transfers, goats, pigs, chickens, magic beans, services, or forgiveness of debt
Do you like having money? The earlier you file, the earlier you get your refund cash.
You will file a federal tax return just like you do normally. As far as your state return, you will be considered a non-resident worker. Your tax preparer should have no trouble assisting you in filing this type of return. You will have a regular return for Pennsylvania but should be able to get a credit for the tax paid to California. On the State return for California you should file a non-resident return.
Legally yes.... you have to file taxes if you are paid in cash... Many times even cash payments are reported to the IRS via a 1099 form that the person/employer who paid you the cash will file,you would receive these 1099 forms just as you would the W-2 forms for standard taxes.... If you receive no 1099 form then you have to file as self-employed and still report your income.....
He is not required to file a return at that income level but if any taxes were withheld, he should file so that the gets a refund of the taxes he paid in for federal and state withholding.
Get compliant fast! Compliant means you need to file your tax returns to find out if you owe back taxes or not. If you do not file, the IRS will file an SFR, substitute for return for you. You should consider professional tax assistance if you can not handle it yourself.
No you dont. It is considered used and paid for when it comes to merchandise.
To claim a refund of taxes paid.
You will file a return. You will not get a refund (which is a refund of your overpayment) if you owe more than you have paid in through withholding and such - which is waht your payment is for - to make up for what you should have pre-paid. Depending on the amount of the underpayment and other factors, it is possible you will also owe a penalty and interest on that underpayment.
If you have made over $9,350 and are not over 65, claimed by a parent you are required to file. If under this amount you can file to receive money that has been paid in.
Who has to file a return
Whether or not your child should file a tax return depends on their income level. If they earned income above a certain threshold, they are required to file a tax return. It's a good idea for them to file even if they don't meet the threshold to potentially receive a tax refund or credits.
You should file your income tax return with a computer program or online if you have a simple tax return. If you have a difficult and complex tax return, it is best to use a tax professional.