Q&A: Do you have to claim all of your home business income (Graphic Designer)?
Question by krista_guerrero: Do you have to claim all of your home business income (Graphic Designer)?
I was wondering if I have to claim all of my income even if I don’t receive a 1099 from the client? I don’t make a lot of money, just wondering if there would be any repercussions?
Best answer:
Answer by genevieve
Yes, you are supposed to claim all of your income. As far as repercussions, if you get audited and the irs finds that you have made more money than you claimed, you might owe additional taxes, plus penalties and interest.
Know better? Leave your own answer in the comments!
Good question. How can you submit to the IRS what is not in written form? This is why they have income forms for everyone to submit. If you think you should contact the people whom you did work for then they should submit a 1099 form to you so you can report all of your income.