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Topic: income tax  (Read 1291 times)

maverick12

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Re: income tax
« Reply #30 on: January 16, 2012, 04:05:27 am »
As someone said on this post earlier .... that is between you and your consience  :angel12:


timetravel

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Re: income tax
« Reply #31 on: January 16, 2012, 04:21:59 am »
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.
End the suffering!  Get your cats - and all strays and ferals - spayed and neutered!

deeharris70

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Re: income tax
« Reply #32 on: January 16, 2012, 04:41:49 am »
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.

Administrator

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Re: income tax
« Reply #33 on: January 16, 2012, 04:51:04 am »
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... )

TOMAS7

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Re: income tax
« Reply #34 on: January 16, 2012, 05:09:50 am »
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.

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