Income from lessons
I taught private aquatics lessons last year. It started out with teaching a few friends' children and grew quickly over four months. I ended up recieving $11,000 in personal checks and another $900 in cash from families over a four month period which I deposited into my personal checking account. I did not have a business license. I have already filed my 2007 taxes and am wondering if I should do an ammendment and include this money as income. However, I am afraid this will raise a red flag with the IRS. I am going to get a business license and business bank account for the summer of 2008 and keep track of any and all expenses, but I need to decide what to do about the 2007 income. Should I do an ammendment? If so, what forms do I use? Of course, I'd like to put this worry to bed before April 15th. Any advice would be much appreciated.