Hi Tom,
I'm wondering if I have to claim wages that are above and beyond the amount due. For example, I have it in my policies that any overpayment will be considered a gift. I have a family pay me $5 extra about 12 weeks out of the year. Should I add that into what they've paid me and claim it on taxes or can I actually consider it a gift?
And what about late fees? Do I have to claim them as wages even though it is above and beyond their contracted rate?
Lastly, how do I show a loss? I also sell beauty products on the side and this year I actually ended up losing roughly $200 due to new shipping fees they charge. Previously they used to charge $.75 for each customer ordering. Now it is a standard ship fee of $5.95, $6.95 or $9.95 depending on weight. So if I only have one or two people order, I have to pay out of my own pocket on any additional shipping fees above and beyond my commission.
Thanks!
I'm wondering if I have to claim wages that are above and beyond the amount due. For example, I have it in my policies that any overpayment will be considered a gift. I have a family pay me $5 extra about 12 weeks out of the year. Should I add that into what they've paid me and claim it on taxes or can I actually consider it a gift?
And what about late fees? Do I have to claim them as wages even though it is above and beyond their contracted rate?
Lastly, how do I show a loss? I also sell beauty products on the side and this year I actually ended up losing roughly $200 due to new shipping fees they charge. Previously they used to charge $.75 for each customer ordering. Now it is a standard ship fee of $5.95, $6.95 or $9.95 depending on weight. So if I only have one or two people order, I have to pay out of my own pocket on any additional shipping fees above and beyond my commission.
Thanks!
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