Do I have to report taxes? Or what legal issues do I need to address?

Discussion in 'Legal Issues' started by JoseYe, Jan 18, 2008.

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  1. #1
    I am opening a new PTC site soon. So, I was just wondering if there are any legal issues I should address? Am I going to have to report taxes? Or anything else?
     
    JoseYe, Jan 18, 2008 IP
  2. MTbiker

    MTbiker Well-Known Member

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    #2
    You'll have to report income from the site just like income from a job.
     
    MTbiker, Jan 18, 2008 IP
  3. Colbyt

    Colbyt Notable Member

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    #3
    US tax law states that if you pay more than $599 to any individual or business that you must secure a TIN form from them and send them a 1099 at the end of the year.

    And of course you have to report all income and pay taxes on the net profit.
     
    Colbyt, Jan 18, 2008 IP
  4. AstarothSolutions

    AstarothSolutions Peon

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    UK tax laws say you must register as self employed with HMRC within 30 days and you will then need to make NI contributions through out the year and do a self assessment tax return at year end
     
    AstarothSolutions, Jan 19, 2008 IP