Side income or part time need to paid tax?

Side income or part time income need to paid tax? If you stay in US or any advance country this is stupid question, confirm you need to paid tax ? Each payment will indicate the tax reference no, you can’t run away? Follow the book, I am sure Malaysia and any other under develop country will need to paid so. Since the nature of payment is money.

In practical here is some tips not asking you to avoidance tax (this is illegal), but help you to minimize the impact of tax burden. First we see the income nature. If payment sum is big said 10,000 USD once time or is series of income said each month you will earn USD 500 per month from same source. Then you confirm cannot run away. IRD will detect it from many sources, either by the accounts of your boss or employers or from bank and so on. With Internet database integration, those tax avoidance day is no more honey month for us.

Does anywhere I can reduce it?

Yes, and sure you can. But we need to know how your income created then we will get the answers! Please feel free to email us. Further example.

If you income is from direct sales or insurance, you can classify as business source. Then you can reduce by foods, transport and so on. All this must relevant to business remember the costs to generate income. Don’t simply make a fault statement. It illegal.

If you income is for rental property, then you must know your tenant income nature, if they are businessman or entity, then sure you cannot run away. If the tenant is under employment may be you can escape since they never report in tax form. Please bear in mind if you own a shop lot or factory units. No doubt must paid tax for rental income.

They are many examples we can provide. But need you’re further inform from