Taxes and 1000 hits

[J1280]

Two things have happened. First I'm near $1000 in MTURK income. The second is, I'm near 1000 paid hits. So I have one question for each.

1. Do I need to do anything for my taxes outside of my normal annual filing? What I mean is, do I have to file every quarter or more than my annual filing time? (I understand I have to file a Schedule C)

2. When I hit 1000, will my HITS offer more money? It didn't seem like 500 did squat.

Thanks

[smartin]

Hi J1280 sorry for the delayed response, you'll get the quickest response on the DHT but this is a good question to keep handy for other workers.

These are good questions.

1- I am not a tax professional and can only relate to you what I know from my own first hand experience and what I've seen with other workers and other self employed folks through the years.
Yes, you will need to file a Schedule C. Technically you need to file a separate Schedule C for every self employment job you hold. So if you do work on other platforms, you should file a separate one when you file your taxes per platform. I'm still at a point in my life personally where I will net a refund for a couple more years (I have a dependent). Last I knew unless you owe money multiple years (in a row I'm pretty sure) you don't need to submit quarterly or semi annual scheduled payments. I would recommend to set aside money in a separate account in the event you do owe so you can pay it without issue when you get your return. A good practice would be to set aside 15% of your earnings into said account for this SE tax I think is a smidge over 15%, like 15.3 if memory serves properly.

2- When you hit 1K hits you will see more hits available to you. Typically it won't be an insane night and day difference but keep up with taking qual tests every where you can to expand the horizons for you and open more hits.

Hope this helps!