This topic is locked, no replies allowed. Inaccurate or out-of-date info may be present.

  • Print

Topic: Do we need to pay taxes???????  (Read 10698 times)

hawkeye3210

    US flag
    View Profile
  • Gold Member
  • ********
  • Posts: 2639 (since 2007)
  • Thanked: 102x
Re: Do we need to pay taxes???????
« Reply #30 on: March 10, 2011, 09:11:23 pm »
I believe they changed it to $400.00 this year, which used to be $600.00 If I'm not mistaken PayPal is if you withdrawal more than $400.00 a year they will turn it in. Just something we all need to learn more about cause they change so many things each year. My mother completes other people's taxes so I leave it all up to her when she completes mine. :) She can keep up on all those changes better than I can.

You have always had to pay self employment tax if you made more than $400 in a year from self-employment.  The $600 figure has to do with the filing of 1099's, which is something different.  None of that has changed.


kparker46350

    US flag
    View Profile
  • Newbie
  • *
  • Posts: 44 (since 2011)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #31 on: March 11, 2011, 06:45:43 am »
if you read tax laws you are to report any income you have. including if you have a garage sale or if you sell your stuff on eBay that is all income. if you are unsure keep track of you stuff and ask a tax preparer when you do your taxes.

ricky981

    US flag
    View Profile
  • Full Member
  • ***
  • Posts: 167 (since 2010)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #32 on: March 11, 2011, 07:16:35 am »
Yes you have to pay taxes if you make a certain amount of money.
now i can see if the gov. where giving out money beside that's not going to happen these guy are giving you money which is cool they are not the greedy kind.

natalie2

    US flag
    View Profile
  • Jr. Member
  • **
  • Posts: 68 (since 2011)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #33 on: March 15, 2011, 08:12:36 am »
i hope not i dnt want to

dsawan

    US flag
    View Profile
  • Platinum Member
  • *********
  • Posts: 4782 (since 2011)
  • Thanked: 46x
Re: Do we need to pay taxes???????
« Reply #34 on: March 15, 2011, 08:22:24 am »
Hi, I was a tax preparer for 2 years so I know you would. You have to put it under other income on your federal 1040 or fed return. Then it will transfer to the state you're in if you file online or you could do manually also.

rdan370

    US flag
    View Profile
  • Newbie
  • *
  • Posts: 1 (since 2008)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #35 on: March 15, 2011, 08:24:14 am »
Anything under $300 from any one source you can go without reporting.

hawkeye3210

    US flag
    View Profile
  • Gold Member
  • ********
  • Posts: 2639 (since 2007)
  • Thanked: 102x
Re: Do we need to pay taxes???????
« Reply #36 on: March 15, 2011, 10:48:49 am »
Anything under $300 from any one source you can go without reporting.

Not true. 

fusion61

    US flag
    View Profile
  • Full Member
  • ***
  • Posts: 225 (since 2010)
  • Thanked: 1x
Re: Do we need to pay taxes???????
« Reply #37 on: March 15, 2011, 07:47:58 pm »
I'm not worried about paying taxes on this.

edominik

    US flag
    View Profile
  • Full Member
  • ***
  • Posts: 140 (since 2010)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #38 on: March 15, 2011, 08:14:37 pm »
When it comes down to it, this is typically considered incidental income.  Like having a garage sale, etc.   Now, if reaches a certain threshold, and you are 1099'd, it is expected to be taxed.  (20yrs experience in finance)  :)

Stealth3si

    US flag
    View Profile
  • Silver Member
  • *******
  • Posts: 1817 (since 2008)
  • Thanked: 23x
Re: Do we need to pay taxes???????
« Reply #39 on: March 15, 2011, 08:45:44 pm »
Yes if you make over a certain amount on FC.

deeguiser

    US flag
    View Profile
  • Newbie
  • *
  • Posts: 4 (since 2011)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #40 on: March 15, 2011, 08:46:49 pm »
i've been wondering the same thing

SurveyMack10

    US flag
    View Profile
  • Silver Member
  • *******
  • Posts: 1268 (since 2010)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #41 on: April 26, 2011, 01:33:55 am »
Hi, I was a tax preparer for 2 years so I know you would. You have to put it under other income on your federal 1040 or fed return. Then it will transfer to the state you're in if you file online or you could do manually also.

Actually you don't have to unless you reach a certain amount

dsawan

    US flag
    View Profile
  • Platinum Member
  • *********
  • Posts: 4782 (since 2011)
  • Thanked: 46x
Re: Do we need to pay taxes???????
« Reply #42 on: April 26, 2011, 05:37:37 am »
what he said

Anything under $300 from any one source you can go without reporting.

of course you can heck with the IRS web and phone

freepcmoney

    US flag
    View Profile
  • Silver Member
  • *******
  • Posts: 1036 (since 2010)
  • Thanked: 7x
Re: Do we need to pay taxes???????
« Reply #43 on: April 26, 2011, 06:21:11 am »
Everything that you report on your taxes is voulentarily reported by you. The fact that you even file taxes is voulenteered by you. NOW---That being said----Keep in mind that IF you work and they send you a W2 OR a 1099 at the end of the year, then they have already reported that amount to the IRS on your behalf. Sooooo when and IF you choose to file your taxes, then you better report everything that has already been reportd to them.

Fushion Cash will REQUIRE you to fill out tax information papers after you earn $600. However I do not know IF that is $600 TOTAL, or $600 in any given year. I think it should be $600 in any given year, but you can check with support on that.

My question to you is---IF you find a penny on the street and pick it up, are you going to report that on your taxes?? I know that I AM NOT!! The dammed government would just take and give it to some foreign government, and illegal alien, some lazy *bleep* who won't work, or some Washington burearecrat!! :BangHead: :BangHead:
    
« Last Edit: April 26, 2011, 07:14:28 am by freepcmoney »

jbcratchet

    US flag
    View Profile
  • Newbie
  • *
  • Posts: 44 (since 2011)
  • Thanked: 0x
Re: Do we need to pay taxes???????
« Reply #44 on: April 26, 2011, 06:24:15 am »
It depends on how much money you earn.

  • Print
 

Related Topics

  Subject / Started by Replies Last post
Taxes

Started by eleisa in Off-Topic

4 Replies
4772 Views
Last post March 08, 2009, 03:55:25 pm
by heidy626
taxes

Started by full123 in FusionCash

10 Replies
4015 Views
Last post August 04, 2008, 08:36:28 am
by stmedlin
ah taxes

Started by pa_cha in Off-Topic

9 Replies
3157 Views
Last post February 03, 2010, 08:03:19 am
by lray3152
5 Replies
2134 Views
Last post February 01, 2010, 12:01:26 pm
by squirrelgirl44
Taxes

Started by HallidayNN in Off-Topic

5 Replies
2221 Views
Last post April 11, 2010, 07:33:18 pm
by Storm61115