Should You Pay Taxes on Your Survey Income?

Surveys are an excellent way to earn some additional money! The best part is that you have the opportunity to take them only when you have the time. But this amazing side gig also comes with a tax liability. Here’s what you need to know.

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Should You Pay Taxes on Your Survey Income?

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Surveys are an excellent way to earn some additional money! The best part is that you have the opportunity to take them only when you have the time. But this amazing side gig also comes with a tax liability. Here’s what you need to know.

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Survey income and taxes

All income that you generate by taking online paid surveys should legally be reported to the IRS. So, make sure to keep track of all PayPal® payments or direct deposits you receive. Further, you’ll also need to make a note of the cash value of prizes and gift certificates you receive since such earnings will have to be reported to the IRS as well.

While you may not always have to pay taxes on your survey earnings, it’s in your best interest to report them. Keep in mind that all US citizens who have reached the age of majority are required to file income taxes every year. Once you do this, you will know just how much tax, if any, you need to pay.

How to keep track of your survey income

Many survey takers enter over 10 surveys every day. When you participate in these many surveys, it can become challenging to keep track of your survey earnings and, accordingly, how much tax you need to pay on your survey-related income. While survey panels may have their own dashboards which list the surveys you’ve completed along with the payment offered, it is best to create your own system to track the number of surveys you’ve completed and how much you’ve earned through them. The best way to go about doing this is by maintaining a spreadsheet that lists these details on your computer. However, you could also write down these details in a separate notepad.

The content of this article is for informational purposes only and should not be relied upon since it may be subject to change.

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