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Income from “side hustles” must be reported to tax authorities

More Americans than ever before – an estimated one in four – are taking so-called “side gigs” to bring in extra money. Whether it is walking dogs on the weekends, renting out your home occasionally through Air BNB or another similar service, delivering, or hauling passengers with a ride-share service like Lyft or Uber, “side hustles” generate hundreds of billions of income annually.

Wyly widow found to be "innocent spouse" in tax fraud case

The twisted tale of former billionaire brother Sam Wyly and his late brother Charles took a new turn recently when a federal bankruptcy judge found that the pair had committed tax fraud with a convoluted scheme of offshore bank accounts, shell corporations, trusts and other tax shelters. The brothers system involved transferring their interest in various commercial enterprises (among them such well-known companies as Michael's arts and crafts stores and Bonanza Steakhouses) to trusts in exchange for private annuities.

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