At some point after I've earned enough money this summer I plan on transferring most of my money earning through internet marketing (couple k) into my bank account. My question is this: is this money taxable? And if so how much would they be deducting and how would I go about submitting for the tax anyways? I've heard stories of ppl who just drop 20k into the bank, no questions asked, so how much of a risk is there? Hope this topic isnt already made, and thanks everyone for ur help, Dan
If you make more than $600 a year, you need to start making tax preperations. I would suggest you consult a proffessional as unless anyone here is a tax professional by trade, they are by law not supposed to give you tax advice.
For goodness sake people need to stop trying to avoid the tax man. Yes, you have to declare all of it. If you don't have a registered company, you need to pay tax on all of it. You could try not to, but you're risking a pretty little jail sentence if you don't pay taxes on it. Just pay your f***ing taxes already people. It's not that difficult.
Where are you from, Dan? If you're from the US then yes, you should really pay your taxes as a thousand screaming children in a far away village are screaming out for another bomb to crush their dasies in their back garden.