• United States
6 Jan 09
I live in the US and I pay taxes. I have 5 online stores and I read tarot cards online too. I try to set aside 50% of all the money I make. But I only have to pay 35% self employment tax. So the other 15% is just a cushion in case the government wants to get really greedy. If you are only making money from mylot and sites like mylot, personally I don't think you have any thing to worry about. But I would contact your government and ask about self employment taxes. For example here in the US I hear that if you make less than 600.00 in a years time from any given site that you don't have to report it as income. Sorry I don't know more about the laws in Canada.
6 Jan 09
Personally, I'm not earning enough yet to worry about taxes! However, there's always the hope that I will be earning significant amounts of money online in the future, so that's one reason I keep a record of my online earnings (just on a Word file) on the assumption that the tax people might take an interest one day.