7 Little-Known Income Sources the IRS Expects a Piece Of

You probably expect to pay taxes on the income from your job or retirement account -- but these aren't the only income sources the IRS wants a chunk of.

If you have any of the following seven expenses, you'll also have to report them to the government this year. Here's what to know.

Side hustles usually don't withhold income taxes from your earnings like your regular employer does. But it's still earned income, and you need to tell the IRS about it.

The good news is you can write off any business-related expenses to offset some of your profits. And if you paid estimated taxes throughout the year, this will also reduce how much you owe when you file your taxes. You may even get a refund if you paid more throughout the year than you owed.

Right now, the best high-yield savings accounts are offering interest rates hovering at or above 4.00%. That could put $400 or more in your pocket in a year with a $10,000 initial balance.

You might not even notice these earnings because our bank deposits the funds automatically each month. But it's still taxable income, and you have to report it to the IRS.

If you don't know how much you've earned on your savings account funds, try looking back at your bank statements or contacting your bank for help.

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Yes, it's true: Those who make a profit while gambling will owe taxes on their winnings.

The (sorta) good news: If you lost money gambling, you can use these losses to offset your gains. However, the losses you claim cannot exceed your winnings.

If you received unemployment benefits at any point, you'll receive a special tax form known as a 1099-G showing the total amount of compensation you got throughout the year.

Keep this form, as you'll need it when you enter your income information on your next return.

It's sometimes possible to get rid of credit card debt by negotiating a settlement with your creditor. This is often only an option when you've already defaulted on the debt and the creditor doesn't think it's likely to recoup what you owe.

You can contact the company and negotiate a payment agreement in which you pay less than what you owe, and in exchange for that payment, the credit card company agrees to forgive your remaining debt.

It can work, but it's not great for your credit. And the debt the credit card company forgives is technically income to the IRS. So you'll have to pay taxes on it as if it were money you received, even though you didn't actually get a dime.

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If you pay or receive alimony, that could impact your tax liability too.

Per law, alimony payments are taxable to the recipient (and deductible by the payer) if the divorce or separation agreement was finalized before 2019.

For divorces or separation agreements finalized in or after 2019, though, alimony payments are not taxable or deductible.

Lastly, seniors seniors could also owe federal and possibly state taxes on their Social Security benefits. It all depends on their income and the size of their checks.

If you have any questions about whether something is taxable or how you can reduce your tax liability, reach out to a tax professional who can give you advice on your situation. Also keep in mind that sooner's better than later -- accountants tend to get busier as tax season approaches.

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