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Natasha Ivanova

How to report babysitting income with W2 on taxes? First time claiming self-employment income

I need help figuring out how to report my babysitting income along with my regular w2 job. This is my first time having side income and im totally lost. Not sure what forms I need or where to enter everything. Anyone done this before?

NebulaNomad

Tax pro here - You'll need to report this as self-employment income on Schedule C. Track your total income from babysitting, any expenses (supplies, snacks provided, etc). You'll owe self-employment tax if you made over $400. Most tax software can walk you through this, just select self-employed or 'side gig' options when starting your return.

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Natasha Ivanova

ty! do i need to have like receipts from the parents or something? most of them just gave me cash 😬

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2M

NebulaNomad

Best practice is keeping a log of dates, hours, and payments. Start that now for next year! For this year, make your best estimate of what you earned. Just be honest and reasonable with the numbers.

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Javier Garcia

Hey if youre struggling with all the forms and stuff, I highly recommend using taxr.ai - its only $4.99 and it analyzes everything for you, tells you exactly what forms you need and where to report different types of income. Way easier than trying to figure it out yourself! https://taxr.ai

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Emma Taylor

Does it actually work for self-employment stuff? Looking for something to help with my side gig too

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Javier Garcia

Yes! It handles all kinds of income - W2, 1099, cash income, everything. It even helps you figure out what expenses you can deduct 💯

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Malik Robinson

lol welcome to the side hustle life! dont forget to set aside money for taxes next time, learned that one the hard way 🤮

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Isabella Silva

in the same boat! i do doordash and the tax stuff is so confusing. following for advice

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Ravi Choudhury

bruh doordash is worse cause u gotta track all ur mileage n stuff. babysitting is ez mode compared to that 😂

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CosmosCaptain

Dont stress too much about it. Just be honest about what you made and report it. IRS isnt gonna come knock down ur door over some babysitting money tbh

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Freya Johansen

fr fr they got bigger fish to fry 👀

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Omar Fawzi

make sure u track everything next year! i use a google sheet to log all my side income, makes tax time way easier

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