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Topic: Taxes?  (Read 2481 times)

jasmineandjustin

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Taxes?
« on: August 05, 2010, 09:24:39 am »
Does Anyone Know How this is going to work when it comes to tax time?  Do we have to pay taxes in?

Mojoshog

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Re: Taxes?
« Reply #1 on: August 05, 2010, 09:50:17 am »
You won't have any taxes withheld. If you make over $600 in a year I think FC may have to W9 you and report to the IRS. You are supposed to show the income when you file your taxes but my guess is that most people do not. I think you could very easily justify enough expenses to where you would actually have very little income or even a loss from the activity.

mangomiata

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Re: Taxes?
« Reply #2 on: August 05, 2010, 10:22:35 am »
I have been told the same thing from a friend that does taxes.  She said that most do not show their income if it is below $600.00 from any site so I'm not going to worry about it this year.  I have taken most of my "earnings" in gift cards which is supposedly different than a cash earnings. 

We need to continue to investigate this issue.

Administrator

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Re: Taxes?
« Reply #3 on: August 06, 2010, 12:11:12 pm »
I wish we could provide more information on this issue but we're not permitted to offer tax advice (everyone's situation is different).

As a rule, the IRS requires you to report all income, even small amounts.  But this is not intended to be tax advice - you should consult with a professional.

madeara

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Re: Taxes?
« Reply #4 on: August 06, 2010, 12:17:47 pm »
I am not sure if we have to pay taxes or not.
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Alyia72

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Re: Taxes?
« Reply #5 on: August 06, 2010, 12:38:22 pm »
Last year I checked with our HR Block tax preparer and she confirmed that you didn't have to report it if it was under 600.00.

Longoria11

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Re: Taxes?
« Reply #6 on: August 06, 2010, 12:40:23 pm »
ok question then.. is it under 600 in general or for each site??

example.. i make 400 here and 100 on another site and another 100 on another site... do i still report it or does it have to be

make 600 here and 600 else where blah blah blah..


DO I MAKE ANY SENCE?!?! HAHAHA :BangHead:

southernhorizons

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Re: Taxes?
« Reply #7 on: August 06, 2010, 01:21:41 pm »
It's probably supposed to be 600 total from all sites. But if you make less than 600 at each site, then I think it would be hard for the IRS to track it, to see what your total really is.

a305587

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Re: Taxes?
« Reply #8 on: August 06, 2010, 04:56:06 pm »
1) never get tax advice from internet forums  ;D
2) if Fusion Cash doesn't report it to the IRS, you really won't need to worry about it (unless you're talking about stupid amounts of money here)

xdrummermommyx

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Re: Taxes?
« Reply #9 on: August 06, 2010, 05:48:56 pm »
I was also wondering this.

spanner1

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Re: Taxes?
« Reply #10 on: August 06, 2010, 06:04:44 pm »
In the TOS it says:

Information Request. Occasionally, a cashout may be delayed due to the necessity of processing an IRS Form W-9 or an identity verification. In these cases, users can typically expect payment to be submitted within 10 business days of our receipt of the items.


ULuvCeCe

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Re: Taxes?
« Reply #11 on: August 07, 2010, 03:00:05 pm »
If you're over $600 then you need to do the W9, Independent Contractor etc.  NOTE: I'm not a tax professional either so check with them :wave:

tiffkk09

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Re: Taxes?
« Reply #12 on: August 07, 2010, 04:14:18 pm »
I was working and only made like 150, i called h and r block to see if i actually had to file, because i would have to pay them probably more than id actually get back and they told me no, unless i made more than 600.

jasmineandjustin

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Re: Taxes?
« Reply #13 on: August 09, 2010, 09:39:57 am »
Thanks Guys...Guess I'll just leave it to the professionals during tax time :)

lightningclix

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Re: Taxes?
« Reply #14 on: August 09, 2010, 09:56:08 am »
I'd definitely check with your tax preparer - you don't want to end up owing some incredible amount later!  I have to count the interest I receive from my bank accounts, which some are only pennies...which I think is kind of ridiculous, but that's the way it is.  They ALWAYS catch up to you, sooner or later.  Best to be honest now then to catch it in the  :bootyshake: later!
~~ Nicole Acosta ~~ Proud to be a Work At Home Mom (:
...come find me and I will help you be one too!!


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