-- ONLINE MONEY MAKERS - a question please?

From what I have heard from accountants, you are required to report any income you make. If you don't then the IRS could come after you for it. However, any one company doesn't have to have you fill out w2's until you earn $600 from them. So if you make more than $600 from mylot in 2007 they will send you papers to fill out but if you make less they will not send papers, but they will still report it to the IRS and you should do the same.

Yes, you must report all income to the IRS. But,what you make on here, don't worry, you won't be taxed for it.

From my understanding, you are suppose to report any money earned as miscellaneous income. You only receive paper work from the company if the amount is I think over $400.00.

That $600 rule is accurate. Also remember that you're allowed $2,000 a year in untaxable income. Also remember to itemize and deduct out the wazoo, until you pay very little. And while I'm no lawyer, if there's no paper trail, nobody can prove any money ever went into your hand. For instance, sometimes I scrounge for coins under vending machines... and the IRS won't ever hear about that money. (for large sums, I'd suggest reporting your income anyway; remember how they nabbed Al Capone) One last thing: W2 only covers employment. For anything else it's form 1099... like if you're a salesperson or a freelance writer or something.