Selling Advertising Space

Discussion in 'Legal Issues' started by Manthem, Dec 17, 2006.

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  1. #1
    I've been considering selling advertising space on my website for an extra source of income, but what are the legal issues involved with this? How do I report it to the IRS or do I even have to?

    I tried searching, but "Selling Advertising Space" comes up with people looking to sell ads.
     
    Manthem, Dec 17, 2006 IP
  2. koahost

    koahost Active Member

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    #2
    I dont believe there is. And only if you start making alot of money with this our other things I would reommend you to get more information about taxes
     
    koahost, Dec 18, 2006 IP
  3. 4law

    4law Peon

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    #3
    Report it to the IRS the same way you report all your other income on your tax return. Income is income.
     
    4law, Dec 19, 2006 IP
  4. soccerfriend

    soccerfriend Well-Known Member

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    #4
    I AM NOT A CPA

    but I would say you have to put in line 21 of your tax return as Other Income

    I think this website is exactly what you need www.TaxForum.us. I am one of the partners of this forum other people participating are pretty good in tax laws as well

    Try it out
     
    soccerfriend, Dec 19, 2006 IP
  5. bhav27

    bhav27 Peon

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    #5
    As far as I belive there is certain limit you can earn tax free. However, if you exceed this amount then you must let IRS know.
     
    bhav27, Dec 23, 2006 IP
  6. smrtime

    smrtime Well-Known Member

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    #6
    Any money that you earn is suppose to be reported during tax time. It should be fairly simple, just add the income as "Other Income" that soccerfriend mentioned in his post.
     
    smrtime, Dec 23, 2006 IP
  7. ltjman22

    ltjman22 Well-Known Member

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    #7
    Like ^^^^ said. Any form of income is income. Whether you make .50 a month or 500 a month, by law you are still required to report it. I am not an expert but I report every year, every penny. Even ebay sales! There is an other spot on the tax form for this type of stuff. Unless you have a business name and writeoffs, just use the other!
     
    ltjman22, Dec 24, 2006 IP
  8. marketjunction

    marketjunction Well-Known Member

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    #8
    Don't confuse SALES TAX free with TAX free. They obviously aren't one in the same.

    While you might not have to charge sales tax, you do have to pay income tax. You are running a business and it would be initially filed on a separate form for self-employed tax. (Schedule C: profit and loss from a business and Schedule SE: self-employement tax)

    While income is income, income from running a business isn't the same as income from your job at K-Mart.

    When in doubt, hire an accountant. If you are making more than spare change, an accountant is a good move anyway.
     
    marketjunction, Dec 24, 2006 IP