Hey guys! I know generally we just ask these questions in the daily thread, but this seems like something others might want to find the answer to later so here we go.. Long Term Turkers! I summon thee! Are there any MAJOR steps you need to do throughout the year for tax documentation or is it handled well by Amazon's setup? AKA do the default tools provided offer ample proof of income come tax time? Thanks Y'all! PANDA my love, for it is a batch that shall never run dry. (Unfortunatly it pays terribly though... ) *Edit* Once upon a time there were many more questions here. The IRS website answered many of them.
My question is about taxes, yes. Note that i've removed most of my initial questions after a few hours on the IRS website.
If you make >20k or w/e on mturk and you live in the US you get a 1099 but you don't really need that to be able to file taxes.
^ This is my plan. Im calling an accountant later today to ask about the more nitty gritty detail based stuff. Yes though, we were referring to USA based taxes, naturalpuerh.
In the past they've only sent official paperwork if you earn >$20,000 in the year. Otherwise all you get is the total earned for the year on your mturk dashboard which is "good enough" for most purposes. If you need more detailed receipts amazon payments keeps all transactions and can generate typical csv style reports
Mention Sch C to your tax professional. They SHOULD ask about computer depreciation and office use of home to help offset earnings. Office use of home is iffy though. I do taxes regularly, and even then to see it is rare these days.
Giving the amount of time that has passed since your initial post, could you give us an update about the taxes? I guess that your question is important in 2021. Therefore, I would like to know if there are any steps that must be done particularly in 2021 for tax documentation? I must say that I have never been competent in the field of finances, and this fact makes me treasure every piece of advice I get from people who know what they are talking about. I think that accounting services are really valuable and must be used in every tax field domain we have to deal with.
I'm in CA and just used FreeTaxUSA to handle everything. Went smoothly with the IRS, they were cool with me not having complete info about where MTurk is and all their codes and such. Used info about AWS instead. As long as I reported the income it was all good. But again as most people say, every state and person's situation is different. If you're unsure of your situation talk to a tax professional.
I don't believe you need to file taxes unless you're a business owner. And I've done a whole bunch of jury duty HITs, so I know a thing or two about laws.
