I'm a young webmaster like many of us. I live in the US, we have a scary government Anyway, I've always wondered this, but just recently it has become very important to know What do we pay taxes on?? I do just about everything on the internet, and I get income from many ad companies, through paypal, directly to my bank account, checks in the mail, everything I have no idea what to pay taxes on and what not to pay on. I know that in the US we have to pay taxes on all income, but it's kinda hard to say what really counts as income and what doesn't should I just find a CPA?
did u include all the things in your tax files then u have to pay tax, if you dont include you bank info in ur tax file then dont have to tax
You basically pay taxes on any money that you receive. If taxes aren't withheld (and they probably aren't) you need to file estimated income tax four times a year. As a business, though, you get to file Schedule C (http://www.irs.gov/instructions/i1040sc/index.html) which includes both profits and losses. You can deduct many business expenses, as long as you keep good records and document everything. There is a lot of information about that online - on the IRS.gov site and elsewhere - and programs like TurboTax can help you through the process. If you are making a substantial income from your business it's probably worth having someone take care of it for you. I wouldn't really recommend H&R block or other quicky tax places, because the quality of the service is pretty variable. Hire someone who is a professional CPA.
That has to be one of the dumbest comments I've seen in forever. Let me rephrase it properly ---- did u include all the things in your tax files then u have to pay tax, if you dont include you bank info in ur tax file then you still have to pay the taxes and failure to do so may result in large fines and jail time [strikethrough]dont have to tax [/strikethrough]