Does Google send out tax papers, papers for individuals using Google AdSense, to file their taxes? If not, what forms should I do? Anyone know a tutorial on how I would do it, too? Thank you.
If you make more than $500 in a given year from them, businesses (including Adsense) are required to send you MISC-1099 forms for you to file with your taxes. They usually send these out at the beginning of the new year. But if you don't make more than $500, they don't have to send them to you, but you STILL need to report them, they will just be reported as "other income". But if you make a lot of money with Adsense or other Internet income, it's the smart thing to pay the taxman estimated quarterly taxes, or else you'll be stuck with a gigantic tax bill at the end of the year. You do know that if you work full time on the Internet, on your sites, you are required to pay a self-employment penalty fee? That totals about 25-percent of your income for taxes when all is said and done.
Nah, I do not know that, but will be expecting this from from Google. I do not work full-time on the Internet, nor do I make a lot of money. I believe I read somewhere that if you make under $5,000 a year on the Internet, you don't have to report it. If you make more than that, you do. Right?
I believe the current cut-off point is anything below $8450 in gross earnings you don't have to file a federal tax return, but I could be wrong. But you said you don't work "full time" on the Internet; that doesn't really matter, you are still self-employed (part-time or whatever), and if you make more than $400 in self-employment earnings, you still need to file a federal tax return to pay for Medicare and Social Security taxes that would normally be paid by an employer (in this case, you). Of course I'm not a tax accountant, so I could be wrong.
That is how I became self employed. I put adsense on my site and now the government said I was a small business. I thought I would do something I like for fun and now the government made me into a small business.