When money is tight, there’s a temptation to underreport your income. Don’t do it. Don’t be a tax cheat.
Or maybe you think that you don’t have to tell the IRS about your side hustle money because it’s not that much. You must pay tax on those earnings. “You must file a tax return if you have net earnings from self-employment of $400 or more from gig work, even if it’s a side job, part-time or temporary,” according to the IRS.
There are a number of reasons you should disclose your gig income to the IRS, including that it can boost your Social Security payments.