FC Community
Discussion Boards => Payments => Topic started by: robinoroyale on January 09, 2012, 11:17:03 pm
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my question is do we have to pay income tax on the moneys we earn and cash out and do we have to declare this money on our income tax
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I think if you make under a certain amount of money ($600 I believe, could be mistaken though) you don't have to pay.
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my question is do we have to pay income tax on the moneys we earn and cash out and do we have to declare this money on our income tax
We have to declare this money on your income tax return. You have to pay income tax on what your total income is for the year.
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I think if you make under a certain amount of money ($600 I believe, could be mistaken though) you don't have to pay.
No, you're not mistaken BeccaGoga! $600.00 is the "cut-off" amount, anything over they require to be filed and taxed.
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Is it $600 in one year? I know I read somewhere that if you go over $600 that Fusion Cash has to take your SS#, but I was wondering if that means $600 in one year, or if it means when you go over $600 with Fusion Cash combined total for multiple years. Does anyone know?
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Is it $600 in one year? I know I read somewhere that if you go over $600 that Fusion Cash has to take your SS#, but I was wondering if that means $600 in one year, or if it means when you go over $600 with Fusion Cash combined total for multiple years. Does anyone know?
The $600.00 is always for one year, whether it's FC or anyone else paying you for work.
As far as FC needing/taking your SS#, I just looked in the terms of service, and I found information about that in "Section IV. PAYMENTS ("CASHING OUT")"
It refers to delayed cashouts due to processing an IRS form W9, so I'm guessing that when you request a payment that will put you over the $600.00, they will require your SS# before they issue the payment.
But yes, the $600.00 is the maximum you can earn PER YEAR before they are required to issue tax forms, which I assume would be 1099s, not W2s.
HTH! :wave:
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Money made from surveys is taxable. And should be reported. The 1099 comes in play because the IRS requires business or such to issue after a certain amount. Now, whether you decide to report them, that is between you and your conscience.
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Money made from surveys is taxable. And should be reported. The 1099 comes in play because the IRS requires business or such to issue after a certain amount. Now, whether you decide to report them, that is between you and your conscience.
?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it
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?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it
T.Y. :thumbsup: !!
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?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it
T.Y. :thumbsup: !!
Why don't you call a tax preparer? They are in the offices now. You DO have to report. The amount does not matter. Whether you do or not, is the question.
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In the past I have put income under "hobby income" if you don't get tax documents for the income (you should get it if your income is more than $600/yr on a given site). You still have to report it if it is under $600/yr.
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?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it
T.Y. :thumbsup: !!
Why don't you call a tax preparer? They are in the offices now. You DO have to report. The amount does not matter. Whether you do or not, is the question.
I'm sorry...my mistake, I was thinking of reporting only as forms being issued, and not the individual's reporting of it.
You're right you are SUPPOSED to report it no matter the amount. (I wonder how many actually DO..??)
You WON'T get a 1099 for amounts less than $600.00, so this leaves it wide open for whether or not each person reports the income or not.
SORRY! :-[
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Associates Degree in Accounting and 6 years of tax preparation comes in handy at times. ;D
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I dont think you have to unless you reach over like $600!
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I dont think you have to unless you reach over like $600!
Call your local HR Block and ask. Or google it. Or just don't claim it. I can't see that it will be a problem either way.
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Money made from surveys is taxable. And should be reported. The 1099 comes in play because the IRS requires business or such to issue after a certain amount. Now, whether you decide to report them, that is between you and your conscience.
?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it
That is incorrect. Filing a 1099 and reporting income on your tax return are two different matters. The $600 figure only applies to the filing 1099's, but you are still required to report your income on your tax return even if it is below the $600 amount.
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It may benefit more to claim the income since you are considered an independent contractor.
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The tax form is called 1099-misc IIRC.
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Actually, if you get to the truth, according to soverign orders. paying taxes is illegal.
I believe messiah mews here knows all about that and if I could post a link to the soverign order of our Lord Jesus Christ and the documents it contains you could read it but go ahead and report every penny if you want to.
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Oy- so many answers and opinions some correct and some not. Definitely contact your tax advisor and make sure you pay attention to the answer they give you as there are too many misinterpretations presented here and most only have part of the answer correct, or have it correct but others are repeating incorrectly. If you really want to confirm visit the IRS website for clarification as well. www.irs.gov check under 1099 which generally applies when one is an independent contractor and there have not been any income taxes taken out from the payment made, that should clarify what types of income require the payer to furnish the 1099 and what the recipient's responsibilities are.
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I've had a professional tax preparer do my taxes for the past ten years and even though I don't earn a substantial amount of cash from survey sites, they have said it "ALL gets claimed as income and that way if there's an audit further down the road...there's nothing to worry about". I like having no worries! :thumbsup:
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I could be wrong but I was under the impression that the IRS is now requiring Paypal to report so people in the US can't hide behind the $600 limit on 1099's. I don't know because I don't remember ever giving my social there but I'm pretty sure I'm about even with expense vs income :BangHead:
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2011 was my first year earning online. I think Mturk reports to the IRS- and I made more than 2x that 600 limit you mentioned. I've earned what you see below here and a decent amount on swagbucks along with a teenytiny amount on iRazoo. I'm trying to figure out how to report all this honestly so I don't get audited later. Anyone know? I don't have another job, but my dh does.
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2011 was my first year earning online. I think Mturk reports to the IRS- and I made more than 2x that 600 limit you mentioned. I've earned what you see below here and a decent amount on swagbucks along with a teenytiny amount on iRazoo. I'm trying to figure out how to report all this honestly so I don't get audited later. Anyone know? I don't have another job, but my dh does.
I've always added up how much I've made from all the sites I use as well as income I've earned from tverywhere else besides my regular job(s) and/or business and my tax preparer puts the amount down as additional income. Hope that helps. :)
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2011 was my first year earning online. I think Mturk reports to the IRS- and I made more than 2x that 600 limit you mentioned. I've earned what you see below here and a decent amount on swagbucks along with a teenytiny amount on iRazoo. I'm trying to figure out how to report all this honestly so I don't get audited later. Anyone know? I don't have another job, but my dh does.
I've always added up how much I've made from all the sites I use as well as income I've earned from tverywhere else besides my regular job(s) and/or business and my tax preparer puts the amount down as additional income. Hope that helps. :)
I was thinking about doing something like that. My bro is an accountant and said something about misc. income. Whatever it is, I have been keeping track so I would be prepared to pay my due taxes, if any. Thank you!
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just check he IRS site. It goes under other income on 1040 if you make a certain amt over the min.
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This is a question I struggle with. I know it's up to me if I report or not ( that's if I don't get a 1099) I think the tax system is so unfair! I'm worried that I might not be morally up to par becaue I didn't report a lousy 60 bucks, whereas the rich corporations and the wealthy are finding loopholes to write off thousands!
It is something to think about. But knowing the type of person I am ( even though I'm struggling financially) I wouldn't feel right if I didn't report it. :angel11:
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Taxes are so confusing. I was under the impression that if you made under $600 from any on-line site that you did not need to pay taxes on it. It is not a combined total of $600 from all sites, but a limit of $600 each site. Once you go over the $600 then the on-line company is required to get your #SS and report the earning you made for that year. I do not feel it is being dishonest to make under the $600 and not report it, due to the fact that the rule was made for a reason. If you report the earnings then the company you received the money from is supposed to pay #SS taxes on you also. I believe that even if you were audited that it would not matter because they have to follow the $600 law also. Just my thoughts on the subject.
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You have to declare any income ...however small/large it is. The $600 limit is for the payee to have to report it to the IRS on a 1099.
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I really don't think you have to. They didn't make me fill out a W9 form so I'm not doing it.
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As someone said on this post earlier .... that is between you and your consience :angel12:
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I know I will earn over 600on Mturkk this year as I have already gotten over 200, and they know require your s.s. number before you can do tasks. I.R.S. new implemented rules. I write SEO articles, too, and get paid through paypal and it's highly possible my paypal account will reflect over 600 this year being deposited. I guess I'll have to contact them to see how that works.
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please post if you find out the answer. i too will have over 600 deposited to my paypal account and hadn't really thought about how that would affect my taxes. Thank you for bringing it too my attention.
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I know I will earn over 600on Mturkk this year as I have already gotten over 200, and they know require your s.s. number before you can do tasks. I.R.S. new implemented rules. I write SEO articles, too, and get paid through paypal and it's highly possible my paypal account will reflect over 600 this year being deposited. I guess I'll have to contact them to see how that works.
The rules are not new... requiring that you report (& potentially pay tax) on all of your income (even small amounts from side projects) is a fundamental part of the tax code and has been for a long time.
You have to declare any income ...however small/large it is. The $600 limit is for the payee to have to report it to the IRS on a 1099.
This is correct. $600 is when FC has the requirement to report it to the IRS. Below that, the onus is strictly yours. In any case you are most likely required to report any / all income.
If you (or FC) is audited and the IRS subpoenas our payment records, there is the potential that they'll hold you liable for the taxes due on amounts less than $600.
I am not an accountant or lawyer, this is not intended to be tax advice. You must seek the help of a professional who can understand your particular situation, since everyone's tax situation is different.
Actually, if you get to the truth, according to soverign orders. paying taxes is illegal.
I try to stay out of religious debates, but, didn't Jesus say "Render unto Caesar the things which are Caesar's, and unto God the things that are God's"? ( http://en.wikipedia.org/wiki/Render_unto_Caesar... )
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Still a lot of misinformation being posted here. When you do anything independent such as this, you are considered an independent contractor and yes you should report ALL incomes combined as it is considered that you are in business for yourself. If you hit $600 from any one source they have the responsibility to report to the IRS but they still do not take taxes out. If you were an independent sole owner accountant, dentist attorney, etc. it would be the same. You would be considered self employed and need to do a schedule C on which you can deduct business related expenses such as your monthly internet connection fee and if you pay for a blog site hosting, etc. Paper, for flyers printing etc. PLEASE PEOPLE protect yourself and speak with an accountant do not do this on the fly. You never know who may have heard you bragging about your earnings and decide to turn you in!! Even if your tax liability is small the time and hassle won't be worth it.