Declaring your online income

@android (895)
October 31, 2008 7:04pm CST
How does this work where the government are concerned? Seeing as though the money is in an internet account which doesn't belong to me right up until the point where I draw it out, then do I declare it at the time I withdraw it or while I'm earning it? Do I have to supply the from and to dates it took me to earn this amount of money? When do I supply the information, after I've earned it or while I'm earning it? What if I don't know how much I'm expecting to make? etc. I think you see my point!
1 person likes this
2 responses
@KrauseHome (30806)
• United States
1 Nov 08
What I have learned over the yrs. of doing Various online Businesses, etc. online that you do not have to worry about claiming your income on any of them unless you earn over $600 in any of them for the yr. Then the site is supposed to provide you with an I-9 and provide your information to IRS as well. So this means most people are safe if you are not going to achieve this much on your sites as well. Hope this helps, and if you have any other questions, you can always call IRS or ask a Tax advisor on this as well.
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@android (895)
1 Nov 08
Good answer, thanks for the reply. Though I'm in the UK so I'm not so sure as to whether that would apply over here.
• United States
1 Nov 08
Take what you make in a month and times it by 12...That's what you make in a year. If you make enough to pay taxes then I want to know what you do to make that kind of money on here?
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@android (895)
1 Nov 08
great answer lol! I don't earn anywhere near the tax threshold so I don't actually have to pay tax. I'm just curious as to how it would work. Also, all income has to be declared to the government (in my area) whether it's taxable or not.