So... What about TAXES?

7 replies
What do IM people do for tax filing. I'm 17 and I only made a bit since I last started marketing (which is within the last fiscal year) but I was wondering how someone selling CB products, WSOs etc should go about this.

Thanks warriors!

- Brandon
#taxes
  • Profile picture of the author Riz
    Tax declarations differ from country to country.

    Register yourself as self employed and submit a tax return of all your income and expenditure.

    You are better off starting with a business bank account to keep track of all your incomings and outgoings. It makes filing your tax returns a lot easier.

    Riz
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  • Profile picture of the author FredFarnes
    Originally Posted by Branlan17 View Post

    What do IM people do for tax filing. I'm 17 and I only made a bit since I last started marketing (which is within the last fiscal year) but I was wondering how someone selling CB products, WSOs etc should go about this.

    Thanks warriors!

    - Brandon
    Hi from another Seattleite. Major wind-storm last night..

    Your taxes are the same as any business or self-employment situation. Last Friday was the deadline to pay any estimated tax on self-employment income to the IRS. Your annual reporting deadline is mid April.

    If your income was low enough, you won't have taxes due. You can also claim reasonable business expenses too.

    It's a complicated topic. If you earn enough, talk to an accountant.
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    So, you want to sell me another way to easily make "X" dollars in "X" days? ROFL too funny! IM success requires hard work and lots of time. Most newbies do not survive the steep learning curve. Anyone who says otherwise is probably selling you a fantasy.

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  • Profile picture of the author FredFarnes
    Originally Posted by Branlan17 View Post

    What do IM people do for tax filing. I'm 17 and I only made a bit since I last started marketing (which is within the last fiscal year) but I was wondering how someone selling CB products, WSOs etc should go about this.

    Thanks warriors!

    - Brandon
    FYI your profile still says
    Date of BirthJune 16, 1980 (29)you might want to update it with current info lol
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    So, you want to sell me another way to easily make "X" dollars in "X" days? ROFL too funny! IM success requires hard work and lots of time. Most newbies do not survive the steep learning curve. Anyone who says otherwise is probably selling you a fantasy.

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  • Profile picture of the author Lincoln Ryan
    Banned
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    • Profile picture of the author webwriter
      If your self-employment income is 400 dollars or less, you do not owe self-employment taxes (U.S.).

      You might as well start a business. That way, you will likely be able to deduct related items, such as references, office supplies, etc. Sure, you'll have to complete Schedule C and pay taxes, but in the end, you will get to keep more of your money than a regular employee. Later on, you may even consider turning your business into a corporation.

      To avoid running afoul the IRS, I consulted with a lawyer who specialized in business. He drew up the proper forms and papers and helped me to form a one-person LLC.
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  • Profile picture of the author TelegramSam
    Originally Posted by Branlan17 View Post

    What do IM people do for tax filing. I'm 17 and I only made a bit since I last started marketing (which is within the last fiscal year) but I was wondering how someone selling CB products, WSOs etc should go about this.

    Thanks warriors!

    - Brandon
    What's 17 got to do with it?
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  • Profile picture of the author R Hagel
    Originally Posted by Branlan17 View Post

    What do IM people do for tax filing. I'm 17 and I only made a bit since I last started marketing (which is within the last fiscal year) but I was wondering how someone selling CB products, WSOs etc should go about this.

    Thanks warriors!

    - Brandon
    Hi Brandon,

    As others have mentioned, all income -- regardless of whether you get it from a CB sale or a WSO or from selling writing services -- needs to be reported.

    However the procedures for reporting income and expenses depends a bit on your business model as well as business structure. And that's why you need to talk to a qualified professional.

    For example, if you have affiliates or independent contractors, you might need to fill out additional forms. Ask a professional.

    If you have business expenses, the pro will make sure you get all the deductions coming your way (and that you're not deducting things you shouldn't be deducting).

    Bottom line: Get your info straight from the source (such as irs.gov) and/or talk to a professional.

    Cheers,
    Becky
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  • You pay them. if it's part time then you show them as miscellaneous income.

    It doesn't matter if a company sends you a 1099 or not. You owe money on the income you make. Of course in your case you are probably far below the AGI needed to pay taxes, but you still have to file them.

    If you file a Schedule C then expect to pay social security taxes as well.
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