What form did you fill out for extra income??

[Emily]

I read on several posts that some of you have claimed or reported (not sure which it is) extra income when doing your taxes. Was wondering if there is a form I should fill out each time I earn extra income out side of my regular employment.

I sew a lot, and sell hand made items quite regularily. I've never reported that income on my taxes, but want to do so this next filing season. I just sent out I 130 so i'm hoping by the time it's approved, and i'm ready to send the affidavit stuff that I will be close to the next years filing. Was hoping that with the extra income I report i'd be able to be the Sponsor without a co sponsor (is my goal any way).

Is there a form I should fill out?

Anybody??

[discoviking]

Schedule C, self employment income.

[Emily]

ok so its considered self employment then

[kitkat1]

And be aware that there are taxes associated with self-employment income that must be calculated as well.

[discoviking]

And you can deduct the cost of the materials for the items you made when you calculate the amount of self emplyment income you had, as well as any other expenses you had in connection with making these items.

[discoviking]

Also to clarify, Schedule C gets filed with your 2007 tax return. If you want to make tax payments throughout the year when you receive this extra income, you send in a 1040EZ (which is pasycally just a payment voucher) with your payment, and your account gets credited. You need to send both a federal and state 1040EZ at a minimum each quarter, but it's ok to send one each time you get paid. Thats what I did last year. IRS will not argue with you when you send them money.....

When I got paid as an independent contractor last year, I sent the max rate (33% fed, 6% NJ) each time. I knew this was too much, but I would rather get money back in the end instead of owing.