Comments on: How To Make Money By Helping Students http://moneyning.com/make-money/how-to-make-money-by-helping-students/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Thu, 29 Jul 2010 11:20:17 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Anton Lebedev http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22394 Anton Lebedev Wed, 16 Dec 2009 07:03:04 +0000 http://moneyning.com/?p=4241#comment-22394 In my opinion, the best thing about tutoring is that the scheduling is very flexible. In my opinion, the best thing about tutoring is that the scheduling is very flexible.

]]> By: Cd Phi http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22276 Cd Phi Fri, 11 Dec 2009 17:32:49 +0000 http://moneyning.com/?p=4241#comment-22276 Tutoring is definitely a great way to make some money on the side especially for those who enjoy teaching and possibly working with students and children. Once they understand what you've taught them, their face simply lights up and I think that is what makes tutoring so rewarding. Tutoring is definitely a great way to make some money on the side especially for those who enjoy teaching and possibly working with students and children. Once they understand what you’ve taught them, their face simply lights up and I think that is what makes tutoring so rewarding.

]]> By: Accounting Tutor http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22260 Accounting Tutor Fri, 11 Dec 2009 07:12:37 +0000 http://moneyning.com/?p=4241#comment-22260 Hi, I am a full time tutor. I would like to add three points in line with most of the discussions above: 1) tutoring income, full time or part time is taxable income. 2) tutoring may or may not be financially rewarding - it depends on your definition of financially rewarding and how and where you practice too. 3) tutoring is definitely rewarding from an emotional perspective. I provide graduate level accounting tutoring as a professional service and find joy when I help someone make sense of accounting and see the joy and eyes light up when they feel that they have finally got a grasp of something they thought they never would - even grown ups! Look forward to more of these discussions! Hi, I am a full time tutor. I would like to add three points in line with most of the discussions above:

1) tutoring income, full time or part time is taxable income.
2) tutoring may or may not be financially rewarding – it depends on your definition of financially rewarding and how and where you practice too.
3) tutoring is definitely rewarding from an emotional perspective. I provide graduate level accounting tutoring as a professional service and find joy when I help someone make sense of accounting and see the joy and eyes light up when they feel that they have finally got a grasp of something they thought they never would – even grown ups!

Look forward to more of these discussions!

]]> By: John DeFlumeri Jr http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22258 John DeFlumeri Jr Fri, 11 Dec 2009 04:43:44 +0000 http://moneyning.com/?p=4241#comment-22258 I like the idea of tutoring, it's usually cash, you get paid immediately, and they might need you for a very long time, also referrals might be easy to get. It could be fun and mentally rewarding too. John DeFlumeri Jr I like the idea of tutoring, it’s usually cash, you get paid immediately, and they might need you for a very long time, also referrals might be easy to get. It could be fun and mentally rewarding too.

John DeFlumeri Jr

]]> By: Credit Card Chaser http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22256 Credit Card Chaser Fri, 11 Dec 2009 04:32:48 +0000 http://moneyning.com/?p=4241#comment-22256 Tutoring is definitely rewarding and can often be a great source of income to boot - win, win! Tutoring is definitely rewarding and can often be a great source of income to boot – win, win!

]]> By: Jane Vedell http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22255 Jane Vedell Fri, 11 Dec 2009 04:13:00 +0000 http://moneyning.com/?p=4241#comment-22255 Tutoring fees are tax deductible for college students. So, if someone gets audited and the IRS checks out all of their deductions - this would be one way. Another way would be someone reporting it. I am a private one-on-one math tutor and was talking with a customer at Starbucks who was a teacher. The first question she asked me was if I had a business license (I was in the process). She asked it in such an antagonistic way that led me to believe she would be the type to report someone. In the 1990's my brother spoke with a contractor who had done $7500 of work under-the-table for someone. Fifteen/twenty years later the caught him and the tax ended up being $75,000 with penalties and interest. That is a steep price to pay. Tutoring fees are tax deductible for college students. So, if someone gets audited and the IRS checks out all of their deductions – this would be one way.

Another way would be someone reporting it. I am a private one-on-one math tutor and was talking with a customer at Starbucks who was a teacher. The first question she asked me was if I had a business license (I was in the process). She asked it in such an antagonistic way that led me to believe she would be the type to report someone.

In the 1990′s my brother spoke with a contractor who had done $7500 of work under-the-table for someone. Fifteen/twenty years later the caught him and the tax ended up being $75,000 with penalties and interest. That is a steep price to pay.

]]> By: Imani http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22242 Imani Thu, 10 Dec 2009 21:49:24 +0000 http://moneyning.com/?p=4241#comment-22242 Good point, Jane. Not to mention state income taxes, where applicable. I've tutored for a good number of years on a strictly volunteer basis and vouch for how gratifying it is. However, charging for tutoring and treating the income as "tax free" is stepping into dangerous waters. Just sayin'. Good point, Jane. Not to mention state income taxes, where applicable.

I’ve tutored for a good number of years on a strictly volunteer basis and vouch for how gratifying it is.

However, charging for tutoring and treating the income as “tax free” is stepping into dangerous waters.

Just sayin’.

]]> By: Jane http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22240 Jane Thu, 10 Dec 2009 20:35:38 +0000 http://moneyning.com/?p=4241#comment-22240 Also, you may have to pay social security on it as both employer and employee depending on how much you've paid through your regular employer. Where I live you also must have a business license to tutor and an office address. Yes. This is for one-on-one private tutoring. Also, you may have to pay social security on it as both employer and employee depending on how much you’ve paid through your regular employer. Where I live you also must have a business license to tutor and an office address. Yes. This is for one-on-one private tutoring.

]]> By: MoneyNing http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22239 MoneyNing Thu, 10 Dec 2009 19:48:44 +0000 http://moneyning.com/?p=4241#comment-22239 I appreciate the concern, and it is definitely illegal to knowing not report tutoring income. I'm purely stating my opinion that it's virtually impossible for the IRS to track someone down. If it's a whole tutoring organization, then it's easier, but the IRS would need to literally follow you around and see that you are actually teaching someone and getting compensated for it. If payment is in cash, it makes the proof even harder since investigators cannot possibly go inside the house and see the actual exchange of money. Even if he/she did see money exchanging hands, they'd have to prove that it's directly related to the lesson being taught. But you are right, not reporting income is illegal, whether it's tutoring or selling on ebay or anything else. I appreciate the concern, and it is definitely illegal to knowing not report tutoring income.

I’m purely stating my opinion that it’s virtually impossible for the IRS to track someone down. If it’s a whole tutoring organization, then it’s easier, but the IRS would need to literally follow you around and see that you are actually teaching someone and getting compensated for it.

If payment is in cash, it makes the proof even harder since investigators cannot possibly go inside the house and see the actual exchange of money. Even if he/she did see money exchanging hands, they’d have to prove that it’s directly related to the lesson being taught.

But you are right, not reporting income is illegal, whether it’s tutoring or selling on ebay or anything else.

]]> By: Imani http://moneyning.com/make-money/how-to-make-money-by-helping-students/comment-page-1/#comment-22236 Imani Thu, 10 Dec 2009 18:35:54 +0000 http://moneyning.com/?p=4241#comment-22236 What makes you so sure it is virtually impossible for the IRS to find out? Just wondering. Also, wouldn't it be safer for you to outwardly say that it would be illegal to not declare tutoring or any other income on one's income tax declaration? I don't know. I'm not a blogger, but I would be seriously concerned if my blog could be cited as endorsing, indirectly (It is virtually impossible for the IRS to find out) even if you said it is not recommended. Bottom line, it is illegal and subjects one not only to the additional taxes, but also for penalties and interest and depending on the percentage of undeclared income, fraud, which can go back 7 years in review of tax declarations. Beware of that. What makes you so sure it is virtually impossible for the IRS to find out? Just wondering.

Also, wouldn’t it be safer for you to outwardly say that it would be illegal to not declare tutoring or any other income on one’s income tax declaration?

I don’t know. I’m not a blogger, but I would be seriously concerned if my blog could be cited as endorsing, indirectly (It is virtually impossible for the IRS to find out) even if you said it is not recommended.

Bottom line, it is illegal and subjects one not only to the additional taxes, but also for penalties and interest and depending on the percentage of undeclared income, fraud, which can go back 7 years in review of tax declarations. Beware of that.

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