BONUS AT WORK BEING TAX DEDUCTABLE

Forum|Forum|3 years ago
September 28, 2022
2 replies
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Hi!

I work as an independent contractor, and received a bonus from a client. Do I need to report this bonus as regular income that will be taxed, or is that not necessary?

Thank you!

DoninGA

Employee

All income received is reported on a tax return. If you are self-employed then you report the bonus as income. If the bonus is not reported to you on a Form 1099-NEC then you report the bonus as Cash income.

xmasbaby0

Employee

All of your income must be reported on your tax return, whether you think it was a "bonus" or "normal" earnings

SELF EMPLOYMENT INCOME/“side jobs”

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**