MyLotters in the USA: How do you file your taxes for online earnings?
March 4, 2009 5:59pm CST
I have always wondered this, and as I venture deeper into the online money making world, I need to know, how do people handle their online income when it comes to taxes? I know that what I make online per year probably isn't enough to count anyway (a couple hundred bucks over various sites, if that!), but at what point does online earning become substantial enough to need to file a tax return? How do you file if you have many sites that you use? Thanks in advance for the tax advice!
• United States
5 Mar 09
In general an individual payer does not have to report "earnings" under $600. However, it may be that you are required to report your cumalative earnings from all of your online or "hobby" endeavers. To be safe you should try to find the appropriate IRS publication that covers this and check. Hopefully you can find the publication at the IRS website which I think is irs.gov.