Page 1 of 2 12 LastLast
Results 1 to 10 of 15
  1. Collapse Details
    Do we need to claim taxes on money we earn online and is under $600?
    I'm currently classified as a freelancer. I, however, work every single day on my freelance jobs. I have yet to make $600 but I feel I will within the next month or so. Do I need to claim taxes if I don't reach the $600?


    Share on facebook


    Reply With Quote
     

  2. Collapse Details
    I am assuming that you are in the U.S. as it may be different elsewhere. As an independent contractor you are supposed to keep a record and claim all of your income. The $600 amount is the amount over which a company is supposed to report for tax purposes. If I were to earn $500 from one hundred companies, it would be a lot of income to go unreported. I think the rule is in place to allow companies to operate with many small time employees (freelancers) without having to do paperwork on them all.

    Yes - you should be claiming it. Not to do so could end up seeing you with bigger problems than the taxes on a small amount of money.


    Share on facebook


    Reply With Quote
     

  3. Collapse Details
    If the money is coming though PayPal am not sure it can be traced as they normally check your transactions from the bank. You can even withdraw the money directly from PayPal through their card and no trail will be left behind.


    Share on facebook


    Reply With Quote
     

  4. Collapse Details
    I'm not sure, I think U.S. citizens are always obliged to pay taxes but that depends upon the person whether you will pay or not. Not paying is considered tax evasion, for international writers I think only those above 600$ I suppose is the one to be paid regardless of nationality.


    Share on facebook


    Reply With Quote
     

  5. Collapse Details
    As far as I know, you don't have to declare or pay any taxes for any income below $600, but if you do reach it, then I suggest looking up how to report it and pay your due taxes. It's best to be safe as you may just end up with problems down the line. If, however, you don't reach it that amount, then I think it can be ignored and you don't need to declare anything.


    Share on facebook


    Reply With Quote
     

  6. Collapse Details
    The safe route to take is just to claim the money with the IRS and pay the taxes. If you get caught not paying taxes when you should be, you will face penalties that are not worth the risk. If you are only making about $600.00 then you will not have much of a tax bill to pay anyway. You could also seek some inexpensive tax advise. I think H&R Block does it for free or very low cost if you are just making a small amount of extra income. I just started as a freelancer myself and will be going to seek some tax advise as well.


    Share on facebook


    Reply With Quote
     

  7. Collapse Details
    To my understand that if you make 600.00 or more you have to fill out forms for income tax forms. I could be wrong but im going to research.


    Share on facebook


    Reply With Quote
     

  8. Collapse Details
    You may receive up to $600 without having to file taxes on it. As mentioned above, though, if you receive $600 from several sources, however, then yes, you should still be filing on it in general. That $600 is for an entire year, as well, so if you hit that in the next month, then you'll end up making more over the following months and will need to report it.


    Share on facebook


    Reply With Quote
     

  9. Collapse Details
    The Income needs to be reported. The $600 rule is expenses paid by a company such as contract labor. They do not have to 1099 the contractor. if under $600.00.


    Share on facebook


    Chris
    Please visit my website for all your Income Tax Santa Paula needs.
    Reply With Quote
     

  10. Collapse Details
    Hi,
    Your intentions for the money earned online are an important factor to take into consideration.
    The tax implications varies depending on whether the money earned online was for hobby or business

    For more detailed information, refer to http://http://madanca.com/online-businesses/
    The articles covers tax implications for income earned from online

    Sincerely,
    Madan Chartered Accountant
    http://www.madanca.com


    Share on facebook


    Reply With Quote
     

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •