We often think of our taxable income as the amount of money that we receive in our paychecks from our primary employer. However, that is not the only way that we may be paid. Whether you are working an extra job because of the economy or high cost of living, or whether you are working a second job doing what you love, you may also be earning a second income.
Don’t Forget about Your Cash Income
Are you paid for tutoring that you do after your school teaching job has ended for the day? How about for errands that you run for an elderly neighbor or babysitting that you do for a young mother? Legally, you are required to pay taxes on all of your income—even cash income earned from these types of “odd” jobs.
If the IRS finds that you are running a cash business, then you may be responsible for paying any back taxes together with interest and penalties that you owe the government.
Call a Tax Lawyer in Tulsa Oklahoma if You Need Help
If you suspect that you might be in trouble with the IRS, or if the IRS has already notified you of a potential problem, then it is important to begin protecting yourself right now. Please contact an experienced tax attorney in Tulsa today via this website or by calling us directly at 800-721-7054 for a free consultation. You may also learn more about your rights by downloading a FREE copy of our book, The Ultimate Survival Guide for IRS Problems, from our website.