Registering to pay tax

Discussion in 'Legal Issues' started by BenjaminF, Mar 18, 2009.

0
  1. #1
    Hello,

    Have any of you webmasters registered to pay tax of the income you receive off the internet? Just wondered.

    Ben
     
    BenjaminF, Mar 18, 2009 IP
  2. tobycoke

    tobycoke Well-Known Member

    Messages:
    1,676
    Likes Received:
    76
    Best Answers:
    0
    Trophy Points:
    140
    #2
    You don't have to "register" but in most countries (US & Canada for sure) you do have to file & declare income from all sources. You may or may not have earned enough that you have to pay tax - but you should still file a tax return. In most countries you can pick up income tax forms at the post office or get forms from the tax office website. When you are young you don't think about it but filing does count towards accumulating old age & social security points.
     
    tobycoke, Mar 18, 2009 IP
  3. hostlonestar

    hostlonestar Peon

    Messages:
    1,514
    Likes Received:
    50
    Best Answers:
    0
    Trophy Points:
    0
    #3
    As he said, in the US you may not have to pay depending on the total income earned by you throughout the year (ALL INCOME, from ALL SOURCES). It depends on how much you make, I don't know the exact number, check out irs.gov if you are from the US. You'll still ahve to claim it though, otherwise, you could be in for some trouble.

    If you are over 18, I would recommend you look into registering yourself as an LLC. It will protect you personally as well as offer many advantages that just doing business out there by yourself won't. A sole propriatorship could also work, but, then you have double taxing to think about. But registering as a business is a good idea because you will be able to claim a lot of things as business expenses, such as web site hosting, if you purchase a new computer, you can claim a percentage of it (depending on how much you use it strictly for the "business") as well as you can make a room into your office and use a portion of your rent/mortgage, utilities, etc. as business expenses.
     
    hostlonestar, Mar 22, 2009 IP
  4. rolf

    rolf Active Member

    Messages:
    1,449
    Likes Received:
    25
    Best Answers:
    0
    Trophy Points:
    90
    #4
    In the UK you must register as "self employed" with HMRC within 3 months and then you must declare your income on a yearly "self assessment" tax return.
     
    rolf, Mar 22, 2009 IP
  5. dscurlock

    dscurlock Prominent Member

    Messages:
    4,564
    Likes Received:
    260
    Best Answers:
    0
    Trophy Points:
    300
    #5
    I think in the US if it is under $500-600/mo then you do not have to file.
    of course I could be wrong, but I think that is right or close too being right.

    but like the dude said, for such a small amount, file anyway, it adds to your
    future SS benefits when you retire, if SS still exits by then....
     
    dscurlock, Mar 22, 2009 IP