The Internal Revenue Service doesn’t really care how you earn your money, they just want their part. Almost all the income you earn throughout the year is taxable and reported to the IRS in some way by a third party. Even in those cases in which a third party is not required to report your income to the IRS, however, you are still required to report certain income and pay taxes on it.
What Is the Amount of Money You Can Make Before It Has to Be Reported to the IRS?
Generally, if your entire income is more than $9,750 if you are single or $19,500 if you are married, you have to file income taxes. Even if you aren’t required to file, you should file to claim any money owed to you. Depending on your age and filing status, you might qualify for certain credits, such as the earned income credit, which can produce an even bigger refund. (http://www.irs.gov/pub/irs-pdf/p505.pdf - Page 13)
Does the Church Report Offerings to the IRS?
Donating money or items to a church is a great way to cut down on your taxes. Although a church doesn't have to report tithe offerings or donations to the IRS, the church does have to keep track of them. If you donated more than $75, the church will supply you with a detailed statement that shows the dates and amount of your offerings.
Is Jury Duty Pay Reported to the IRS?
Jury duty is one of the most dreaded responsibilities of being a U.S. citizen -- along with paying taxes. If you earn more than $600 in jury attendance fees, the Jury Administrator will report the pay to the IRS. You'll get a 1099 at the end of the year listing the details of your pay. If you earned less than $600 and won't get a 1099, you still have to report the income on your taxes.
Does All Bank Interest Need to Be Reported to the IRS?
As if having your wages taxed isn’t enough, the IRS also taxes interest that you earn from a bank. Your bank has to report anything over $10 to the IRS. You'll get a 1099-INT from your bank at the end of the year. If your interest is less than $10 you still have to report the interest on your tax return.
Do You Have to Report Gift Cards As Income Through the IRS?
The way the IRS treats gifts is a tricky subject. Gift cards from a family or friend are generally not taxable, but a card from your boss is quite different. As of 2012, the IRS doesn’t tax gifts if they are worth less than $13,000. Almost any gift your employer gives you, however, is considered taxable income, especially gift cards. Some small gifts with a nominal value, such as a turkey or gift basket during the holidays are considered a "de minimis (minimal) fringe benefit" and are not taxable. Your employer should include the value of the gift card in your income and report the total amount on your W-2.
References
- Internal Revenue Service: General Instructions for Forms W-2 and W-3
- Internal Revenue Service: Schedule C Instructions
- Internal Revenue Service: Publication 526 -- Records to Keep
- Internal Revenue Service: Publication 525
- Internal Revenue Service: Form 1099-INT Instructions
- Internal Revenue Service: Advice on Taxability of Gift Cards
Writer Bio
Angela M. Wheeland specializes in topics related to taxation, technology, gaming and criminal law. She has contributed to several websites and serves as the lead content editor for a construction-related website. Wheeland holds an Associate of Arts in accounting and criminal justice. She has owned and operated her own income tax-preparation business since 2006.