working on line income
May 9, 2010 12:34am CST
if you work on line and just on line and make alot of money can you claim on your taxes? if so tell how?
• Cambridge, England
9 May 10
It depends, of course, on tax regulations in your country but usually it is possible to declare yourself as self-employed and to allocate a certain portion of your rates, heating and cleaning bills to a certain room or area in your home. This proportion and also any expenses that your work incurs (equipment depreciation, printer supplies, postage, phone and ADSL costs, for example) can be claimed for. Of course, to do this, you will also have to account for and declare the earnings you make. It would be wise to talk to an accountant who specialises in dealing with self-employment. Most people who are serious about running a business consider an accountant to be an essential part of their business (you will also be able to claim on his/her charges, of course!) and well worth the expense.
1 person likes this
9 May 10
Hi alocure, well I don't know about the taxes in US, but in general the amount you earn online will be added in your annual income and you have to pay your taxes accordingly. It is considered as additional income or income from other resources. Like if you are doing a job and your annual income is for example say $100K and you are also earning from stock market and your profit for the particular year is say $10K , then you need to show in your return that you have earned total $110K in particular year and pay your taxes accordingly. Hope this helps.