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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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How do I claim untaxed income?

Resolved Question:

How do I claim untaxed income?
Submitted: 10 years ago.
Category: Tax
Expert:  Jon Andrews replied 10 years ago.
What do you mean by "untaxed income"? What type of income is it?
Customer: replied 10 years ago.
Reply to Jon Andrews's Post: I recently got a new job as a property manager and my income isn't taxed, it's a personal check from the owner of the property I manage. I heard something about paying taxes quarterly so that at the end of the year I will have paid what I'm supposed to pay. I just want to make sure that I do what needs to be done so I don't get in trouble.

Expert:  Jon Andrews replied 10 years ago.

You will report the income, along with any related expenses, on a Schedule C that you attach to your tax return. The "net" income (income minus expenses) will be subject to both income tax and self-employment tax. This reporting is only done once per year.

You should estimate the amount of tax that you will owe and make a payment using Form 1040-ES on 4 dates throughout the year - 4/15, 6/15, 9/15, and 1/15 of the following year. If any of the dates fall on a weekend or holiday, the payment is due on the next business day. So, this year the 9/15 payment is actually due on Monday 9/17. A good estimate would be 15% of the net income for self-employment tax plus 15-25% of the net income for income tax. The income tax rate will depend on your other income, deductions, etc.


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