Claiming taxes
By mrsbentley27
@mrsbentley27 (662)
United States
September 11, 2011 5:41pm CST
Ive heard two different things when it comes to earning online. I heard if you make more than $500 you need to turn it in on your taxes. I also heard that is was $600. Does anyone know how much you need to earn a year before you have to turn it in on taxes?
6 responses
@Lauriedk (49)
•
11 Sep 11
It depends on what kind of entity you use to collect the money. Are you collecting profits from a business or self-employment wages? Either way you can get the information you need (provided you are in the US) at http://www.irs.gov/ I would like to know which way you choose.
@SpikeTheLobster (6403)
•
12 Sep 11
I would imagine that you should always declare it, regardless of how much or how little it is. Always best to be honest and up-front - that way it can never come back to haunt you!
@mrsbentley27 (662)
• United States
12 Sep 11
I will be reporting whatever earnings I make. I just wasnt sure how much before you have to actually start paying taxes although Im sure it would be okay with my husbands earnings.
@mrsbentley27 (662)
• United States
12 Sep 11
I thought that IRS would be the same no matter where you live. I guess it varies though which seems strange to me but i dont know.
@stealthy (8181)
• United States
12 Sep 11
Legally you are supposed to report all your earnings no matter the amount but the IRS only requires a payer to report $600 or more. However, some report when it is less. If you get a 1099 or something, no matter what the amount, you should report the income.
@ReViewMeMedia (3785)
• United States
12 Sep 11
Considering the fact that I don't make that much through online earnings, I think I should be okay when it comes to the IRS, I haven't really earned a whole lot so I should be okay.
@asyria51 (2861)
• United States
12 Sep 11
My state and the feds were different last year when I did my taxes. I "made" almost 500 US dollars last year on one of my sites, but this site is linked to my credit card and I earned points which were redeemed for gift cards, and I did a lot of spending last year. My state the amount of MISC. income threshold was $500 from any one source. So if i had made over 500 selling stuff on Ebay I would have had to pay the tax on it.
@mrsbentley27 (662)
• United States
12 Sep 11
See that is what I heard, that it was $500 or $600. Sounds like its different for each state.
@prospectboy (754)
• United States
12 Sep 11
From what I've read along with what I've seen on various websites, if you earn 600 dollars from a site, they will send you a tax information form. I've personally haven't earned 600 dollars from a single site before, but I've come close. I imagine there are some people who are capable of doing it though.
