Attention please, Do we have to pay TAX on our online earning?
By ibuemma
@ibuemma (2953)
United States
July 2, 2007 9:09am CST
Please if mylotters understand about would you mind explain to me. I live in United States and IRS ( Internal Revenue Service/ tax department ) in here very strict. And I think most of mylotters have earn online from many other sites.
What I understand is if you earn more $600/year ( Jan - Dec ) than it's taxable ( Please do correct me if I'm wrong.)
What I want to know is that $600 calculate from one source let say Mylot side, or is it no matter from many source if you earn more than $600 than it's still taxable.
Now these online earning get into my paypal, and then i withdraw it to my bank account, now does the bank only gonna see as "paypal" as the source?
The last thing I need in the future is IRS get on my back just for itty bitty of my online earning.
2 people like this
3 responses
@jeweledbluerose (3061)
• United States
2 Jul 07
Just to play it safe I would still report any and all earnings you make online when it comes time to do taxes. Even though I have one earned anything through this site maybe around $30.00 I still plan on reporting it, just so I don't have an IRS agent beating done my door, for with-holding such information.
@jeweledbluerose (3061)
• United States
2 Jul 07
I am not one hundred percent certain, but I think it could be considered as such. So I have been keeping a real close record of all that have I made and been paid. And when it comes time to do the tax thing again, I plan on showing them every dollar down to even the smallest of cents. Just so I don't have any problem with the IRS.
@scarywhitegirl (2766)
• United States
5 Jul 07
Even if you earn less than $600 a year from online sources, you do need to report it as income. It's only if you earn more than a certain amount from one venue that you will get a 1099. Otherwise, you have to keep track of it on your own. (Luckily, most sites will do this for you, but you will have to remember to collect all the information at the end of the year.)
@teapotmommommerced (10359)
• United States
3 Jul 07
As far as what I know any amount of earnings is taxable. You have to declaire any amount of money you ear no matter where you earn it from if it is a little from here and a little from there. I do now if it is below a certain amount you do not have to pay taxes on it. As far as I know you still have to declaire it.
1 person likes this
