Online Earnings And Taxes

@erikmama (12929)
United States
January 28, 2010 10:10am CST
Since this is my first year doing things for money online, I am curious to know about paying taxes and how it al works. I write for AC, Helium, and textbroker, all of which require you to file a W9 and report income over $500. I know my earning will be well past that by yeear end. How much do you usually have to pay in these taxes? Will other income offset the money you'll hvae to pay? Is it really worth it in the end? Any info you have wuill appreciated!
2 responses
@dorannmwin (36698)
• United States
30 Jan 10
I think that the poster above me is correct in that the amount that you have to make to have to file a W9 is $600. That said, I don't know what kind of other income that you have and I don't know what kind of deductions that you will be able to take. However, seeing as how the money that you have made here is online earnings, I know that you will be able to deduct a portion of your internet bill and maybe even a part of your mortgage or rent if you have a dedicated office space. I hope that it all works out well for you.
1 person likes this
@erikmama (12929)
• United States
30 Jan 10
I thought $500,but I could be wrong!! Probably am. I have to get a W9 into Textbroker before I can request payment.I didnt know if that was all together with online earnings, or with each one. That's what I am hoping for-deductions that you can take as with a home office.I guess I can go to the IRS page and find out more,but sometimes reading things they put I dnt catch on .Thanks for the info!!
@lelin1123 (15644)
• Puerto Rico
28 Jan 10
I don't know about the offset of the money but I always thought it was filing a W9 and reporting over 600 dollars not 500 dollars. I would check that out if I were you. I hope someone else can help you with this answer. Good Luck.
1 person likes this
@erikmama (12929)
• United States
4 Jan 11
Well, I have been t irs.gov and they say $400. I do not know, but either way I will still have to file. I think it si all going to work out for me, however, because i can file the EITC and claim a few other deductions that will hopefully not have me owing anything. I will know soon!