Does anyone pay taxes on their earnings from their websites?

Discussion in 'General Business' started by carlo2343, Jun 20, 2006.

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  1. hsmith

    hsmith Peon

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    #41
    no, this is false, stop repeating it. you must pay taxes on all income.
     
    hsmith, Jun 24, 2006 IP
  2. jhmattern

    jhmattern Illustrious Member

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    #42
    lol Why does this keep getting repeated anyway? I provided a link a few posts back on the IRS site that explains it better. But long story short:

    1. You must "report" all income no matter how small.

    2. You must pay taxes on any income as a self-employed person (certain business owners, and all freelancers), if you earn more than $400.

    3. Even if you earn less than $400 you need to report the income.... Yes, I know I'm basically repeating point #1, but it's important. :p

    Read the link in the earlier post and look around the IRS site more for information on independent professionals. And don't forget, even if you don't owe federal taxes, you always owe self-employment tax and most states have their own rules, not to mention local tax issue.

    Jenn
     
    jhmattern, Jun 24, 2006 IP
  3. Tyler Banfield

    Tyler Banfield Well-Known Member

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    #43
    Bottom line, any person that is involved in any type of small business or freelance work should consult an accountant (and not a forum) for tax advice. However, if you're going to follow the advice of anyone on this thread, read Jennifer's (they are well-thought out and provide a link to the actual IRS web site) posts.
     
    Tyler Banfield, Jun 24, 2006 IP
  4. inferno3387

    inferno3387 Banned

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    #44
    Why do you brag about not paying taxes in India? Its a 3rd world country, which means it sucks ;)

    People in the USA pay taxes because we are not 3rd world :) Its just economics, if a country cant afford alot, then its crappy :D
     
    inferno3387, Jun 24, 2006 IP
  5. shahab6

    shahab6 Well-Known Member

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    #45
    So true...
     
    shahab6, Jun 24, 2006 IP
  6. bschneider5

    bschneider5 Active Member

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    #46
    Just last week I cut a check to Uncle sam for mid $xxxx
     
    bschneider5, Jun 24, 2006 IP
  7. SportsOutlaw

    SportsOutlaw Active Member

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    #47
    If you are earning money, you need to pay the required taxes that you owe. It simply isnt worth trying to get around it.
     
    SportsOutlaw, Jun 24, 2006 IP
  8. KLB

    KLB Peon

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    #48
    Not only do I pay taxes, but I am also incorporated as an 'S' Corp and maintain a W9 on all freelance writers who I pay over $600 in any given year. I have an accountant keep tabs on all of my paperwork and filings. If it weren't for him, I'd be sunk.

    Being incorporated as an S corp has some significant tax advantages. If one's business earns at least $20,000 in profit per year they can even come out a head even with the extra money they have to pay to an accountant to keep track of things.
     
    KLB, Jun 24, 2006 IP
  9. dtang4

    dtang4 Active Member

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    #49
    A lot of the publishing companies collect your tax info and may deduct income tax already. So, I file taxes to get that money back.
     
    dtang4, Jun 25, 2006 IP
  10. Shiffy

    Shiffy Peon

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    #50
    if you live in the US I wouldnt mess around, just pay taxes...but don't claim everything :)
     
    Shiffy, Jun 25, 2006 IP
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