FC Community
Discussion Boards => FusionCash => Topic started by: prillycake on November 08, 2009, 09:27:43 am
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Is it easy to do the tax form?
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Don't ask, don't tell. :bootyshake:
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do you have to claim this in taxes?
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do you have to claim this in taxes?
Yes you always have to file taxes for any amount technically made from self employment (using online money making) with a either a W2 form or a 1099 form I'm not sure which but you can probobly google it. Anyway you have to do this BY U.S.A LAW for any amount larger than $400 made with self-employment within each year. Failure to do so if your found out can lead to several penalties/fees and a criminal record as you are basically "stealing" from the government!
Luckily you will get most of that money back because the tax rate is very low for those with less than a $10000 yearly self-employment income. So if you do make the $400 per year you might only lose say $10 or $20 just remember that you should NEVER EVER try to hide your income from the government because they will find you!
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File your taxes with a 1099 - you can use your home as a tax deduction if you own your home. You can include one seperate room as long as it has a computer & phone in there and at least 8x12. You can claim 1/8 of mortgage, taxes, phone bill etc. So basically, the $600.00 you made are coming out in expenses. Do you follow what I am saying. Talk business over lunch or dinner, it now becomes an expense and tax write off. I hope this helps. Save your receipts. If you need more info just let me know. ;D
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You take a bow and a pat on the back from all of us and then decide to double that next year! And hopefully you set aside some of your earnings to pay any taxes due.