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Making money online - declaring income and taxes ? - What laws are applying to Internet Marketing ?

by Dennis K
6 replies
Hello, i've been trying to find an answer to this for quite some time and i hope the awesome people from the biggest IM forum will help me again.

I am currently unemployed and want to start an online business (internet marketing). When i start receiving money, i must pay taxes or declare my income to my state? What are the laws about making money online? And where i can find more information about this ? Do i have to register a company?

As far as i know there are no laws for online business for my country.

Any ideas ?

Thanks
#applying #declaring #income #internet #laws #making #marketing #money #online #taxes
  • Profile picture of the author RogueOne
    You might want to consult with a tax specialist, a lawyer and an accountant.
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  • Profile picture of the author cheddarben
    I agree with RogueOne that you are best consulting a tax specialist. That being said..... if you earn income and are a US citizen, NO MATTER WHERE OR HOW, you are legally bound to report ALL of your income. You can write things off and take deductions, but income is income. period. There is no ifs, and's or buts in this... if you make money, it is supposed to be reported.

    It does not sound like you are in the US though, but I would be surprised if your country were any different.
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    Thanks!!!

    Ben
    http://www.pricingresearchonline.com/

    http://www.fiftyshadesofbacon.com

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  • Profile picture of the author WillR
    Never ask for legal or financial advice in a public forum since you have no idea who the person giving you the advice is. You must always consult a professional in your area for things like this especially considering the laws vary between different countries.

    Having said that, in most places income is income. Whether you are earning it as a wage working for someone else or you are earning it by working for yourself. You must declare your total income and pay the appropriate taxes based on that income.
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  • Profile picture of the author Lloyd Buchinski
    Usually you have to declare any income you make to the government. It could possibly be as self employed income, or as a business. A sole proprietorship is probably the most common type of online business.
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  • Profile picture of the author Tsnyder
    Originally Posted by Xellero View Post

    Hello, i've been trying to find an answer to this for quite some time and i hope the awesome people from the biggest IM forum will help me again.

    I am currently unemployed and want to start an online business (internet marketing). When i start receiving money, i must pay taxes or declare my income to my state? What are the laws about making money online? And where i can find more information about this ? Do i have to register a company?

    As far as i know there are no laws for online business for my country.

    Any ideas ?

    Thanks
    As others have said, the best advice is to seek answers
    from a tax professional in your area. My bet is you'll find
    that it doesn't matter whether the business is online or
    off... the same law will apply.
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    If you knew what I know you'd be doing what I do...
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  • Profile picture of the author IM Alex
    There's no way for anyone in here to know what taxation laws apply for your country, let alone offering any advice on a professional level.

    Create a business plan, or at the very least write down your business idea. Then, as others have pointed out, make appointments with local certified professionals in your area. Bring your plan with you so you can discuss the various elements of your business with them properly.

    Alex
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