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Make Some Extra (Tax-Free) Income This Summer

Money Tip: Make Some Extra (Tax-Free) Income This Summer

You may have sworn to yourself that you'd never look after kids again until you have your own, but when money is tight or you have extra expenses on the horizon you might reconsider watching other people's children once in a while. TeamSugar member itsme3683 said that she's had luck getting occasional summer babysitting jobs by using sittercity and care.com.

Sittercity has been featured by more than a handful of reputable media outlets like The Wall Street Journal, Real Simple, and CNN, while care.com has gotten attention from The New York Times and Redbook. The process seems simple enough; you just submit a sitter profile and then wait for parents in need of a break to contact you.

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emalove emalove 8 years
Eek, no thanks...I'm a teacher, so I need my summers a little break from the kids!
Survivor8888 Survivor8888 8 years
erm... i don't think tax free income exists in this way. you can reduce the tax you get, but it still exists. and you are supposed to report every single cent you have earned during the FY. You could disregard reporting ur income. But the consequence is: you could get dobbed & face a heafty penalty.
Jules1976 Jules1976 8 years
According to tax law, you only have to report any income once it reaches a certain amount (unless this has changed in the how-many-thousand-pages of tax code issued every year).
hmcmcd hmcmcd 8 years
I thought this would be a good idea too and I mentioned to my sister who is a sahm, but there are soooo many other mom's, college students, etc in our area doing the same thing this summer that it is just not working out at all. AND because of the competition the weekly rate has dropped from an average of 120.00 to 75.00! I assume it depends on where you live, but here in Orlando there is just a lot of people with the same idea.
imLissy imLissy 8 years
but usually they pay in cash *whispers* no one will ever know. lol
lawchick lawchick 8 years
Um technically this is not "tax free" -- you are supposed to report any income, no matter how small, on your taxes next spring.
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