When you receive your payment from mylot...do you..

United States
February 3, 2008 1:43am CST
When you receive your payment from mylot, do you write it off on taxes, or do you feel it's such an insignificant amount that it wont matter? Just wondering as I dont want the IRS hunting me down from paysites like this where I make such small amounts it just doesn't seem worth it to write off to the IRS.. I will though, but i'm just saying! What're your thoughts on this?
2 people like this
5 responses
• United States
3 Feb 08
I highly doubt anyone here actually makes enough for it to be substantial to be reported. Mylot doesn't require us, as far as I know, to fill out forms to declare us as independent contractors, so I highly doubt anyone makes the $400 or so dollars a year to actually file taxes.
• United States
3 Feb 08
Hm! So as long as you make less then whatever the 400-500$ limit is, you dont really have to write it on taxes? Are you 100% sure about this? I dont really want the IRS making me pay way more for not filling out a simple tax form.. I'm sure some people..very few with high amounts of referrals make more then enough to have to pay the taxes on it..
• United States
3 Feb 08
I started doing some online work well over a year ago and started researching the tax part of it. I write for Associated Content and whenever you reach a certain mark, they make you fill out a form and then you must declare that on your taxes, they say you have to declare it when you hit $600 for any given year. I've made about $300 or so in a year and have not had to file nor have I had any trouble with the IRS over any other places I've made money from. If you check out the IRS' website, they should have a section about independent contractors and the filing requirements for it. They'd like you to file anytime you make anything, but I highly doubt this would be considered a big deal. However if you feel you should file, it probably wouldn't hurt anything. Better safe than sorry.
• United States
3 Feb 08
I could just set my payment to 100$ or so, which is actually what i'm probably going to do once I reach at least one confirmed payment at 10$ :) Because I feel 5$-15$ I doubt they would care about, but 100$ or more from an unknown source? I think that might make them a little iffy...
@jayperiod (870)
• United States
13 May 08
I'm with everyone else, I don't think anyone on here is making enough for the IRS to worry about. Even if you made $600, the tax wouldn't be much. If you get close to making that in one year, you need to get out more!
@twoey68 (13651)
• United States
13 May 08
I doubt that what I make on MyLot is enough to actually file over. There are some on here though that probably do make enough...one member makes around $50-60 a month which works out to between $600-720 a year. I make about $20 a month which works out to about $240. The limit for filing last time I checked was $500. So, if I started making more than $500 a year on here then yes, I'd contact H&R Block and ask them about it...better safe then sorry. **AT PEACE WITHIN** ~~STAND STRONG IN YOUR BELIEFS~~
@GardenGerty (102535)
• United States
3 Feb 08
If you make under $600 per year from any one site, you do not have to report it. At least that is my understanding.
@stvasile (7317)
• Romania
3 Feb 08
I don't have the slightest intention of declaring the earning from myLot to the fiscal authorities. Let them get the taxes from those that evade millions of dollars and then I'll pay taxes for my $40 a year that I get from myLot!