Filing taxes for money made online...
@handsomeitaliano (1050)
United States
December 31, 2009 1:47am CST
I live in the US, in New York. I have my own website Is started, my own domain, I have Smowtion advertising on it, I haven't really made much from, like less than a dollar but I have not been paid anything because I haven't reached payout with them yet. So I should I even bother with reporting this money? It's not even deposited into my account. Also since I have my own domain and what not, what tax forms do I need to fill out in order to deduct my domain/hosting costs and the cost of my monthly internet service?
1 person likes this
4 responses
@maezee (41985)
• United States
1 Jan 10
As I understand it, if you make less than $600 with one company, you don't need to file any kind of taxes for it. This is at least information that TreasureTrooper has given me, however unreliable this information is, I can't be sure. But I'm not going to worry about filing taxes for anything I've made, and I've probably made around $400 last year with various companies & programs. *shrugs*. But you could definitely look into it. As someone else said, there could be state-by-state laws that may make you. But in my opinion, if the money hasn't even been put in your account yet.. and if you have only a dollar or so on some sites..Then it shouldn't be a problem!
@scarlet_woman (23463)
• United States
31 Dec 09
if it's less than i think the minimum is 4 to $600,i wouldn't bother.
if you plan on deducting for business expenses you might want to get a seperate "business only" bank account,that way in and out is right there on statements for tax purposes(via pre authorized online billing or checks).otherwise if they decide to audit one day,they might take non business monies into the estimate of what you owe.
@LouieWpHs04 (4555)
• United States
31 Dec 09
Well, it's pretty obvious that it varies state to state. In New York you're actually quite limited to what you can do and they have crazzzyyy tax laws.
For most everything else just check out the IRS's site by googling them. When you get to the IRS's site just check out their "individuals" section to help you out. If you read it, you can kind of get an idea of how the taxes will work for you as a "self-employed" person.
The forms you flll out in the end all depend on how much money you're actually making.
You could also maybe consider getting Turbotax. They seem pretty easy to use. Never used them myself but that kind of software might be up your alley so to speak.





