Do I need to inform the IRS?

Hi All,

I just started mystery shopping in the US in May and I'm wondering if I need to inform the IRS that I'm self-employed. When I mystery shopped in the UK, I had to inform the Inland Revenue (IRS equivalent) within 3 months of starting that I was self-employed,

Or do I just wait until my taxes next year? Currently, this is my only form of income since moving back to the US.

Thanks,
Kat

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More About Mystery Shopping Taxes

You only need to file the return for your 2010 activity on your tax return which is due by April 15th 2011. You will report your self employment as a Schedule C on your basic 1040 tax return.

But if you make enough after expenses, you would need to file quarterly taxes.

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“Lying in bed would be an altogether perfect and supreme experience if only one had a colored pencil long enough to draw on the ceiling."
~Gilbert K. Chesterton

In this case, unless she filed US taxes last year there would be no potential penalty for not filing quarterly returns because she is already matching last year's tax liability paying nothing. It is also unlikely, if this is the sole source of income, to reach a level where enough taxes are due that penalties would be involved if all appropriate business expenses are deducted.

Thanks for your help, you guys are great

As usual, Flash is right on target!

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

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Do I need to inform the IRS?

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