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Tax question

by Jayy
9 replies
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If I make 30k in 1 year from different sources like this :

12k from affiliate earnings from clickbank where they pay straight to bank account

6k from selling my own ebooks (for example wso) where money is gone straight to paypal from individule transactions..

22k from a hostgators affiliate program


Do I just submit 30,000 as income to be taxed on.. or do I have to somehow submit showing 3 different sources.. and how would it work for paypal because surely I would have 100's if not 1000's off different transctions from people to get 6k from selling wso so how would I submit that
  • Profile picture of the author Daniel Evans
    Submit your total income.

    You only need the specifics for your own personal records to be able to prove claims of your total income if you are summoned to do so.
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    • Profile picture of the author Jayy
      thanks for reply..

      so I just submit 30k every year untill they ask me for proof..

      so Would I have to print out all of my transitions from paypal to keep even if that means like 100's of different pages from people buying wsos?
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      • Profile picture of the author jimbo13
        You keep everything.

        Don't know what country you are in but in the UK you have to keep all receipts and Invoices etc for 7 years.

        Inland Revenue can audit you whenever they feel like it and there will be fines to pay if you can't produce them.

        Get a book keeper to advise you as you don't really need an Accountant for that amount.

        Dan
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        • Profile picture of the author Daniel Evans
          Originally Posted by Jayy View Post

          thanks for reply..

          so I just submit 30k every year untill they ask me for proof..
          Submit your total whatever that happens to be.

          so Would I have to print out all of my transitions from paypal to keep even if that means like 100's of different pages from people buying wsos?
          To acquire a record of your incoming finances for a given tax year you can use PayPals "History" feature setting the relevant search filters.

          By doing this you can print lists of transactions as opposed to printing a page for every transaction.
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          • Profile picture of the author Kay King
            Who knows? You don't have a country listed so how could anyone advise you on tax forms?
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            • Profile picture of the author Daniel Evans
              Originally Posted by Kay King View Post

              Who knows? You don't have a country listed so how could anyone advise you on tax forms?
              I'm not sure there's any country that demands an itemized tax form.
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  • Profile picture of the author AlanTho
    I'm glad somebody asked this question. It's one of the first things that came to my mind. Thanks.
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  • Profile picture of the author Jayy
    I live in uk.

    so if I sold 300 wso's in one month I would then have to print off like 30 pages of paypal transistions fees right and keep in folder or something
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    • Profile picture of the author Daniel Evans
      There's 20 transactions per "History" search results so you'd be printing only one and a half pages for 30 transactions.

      Keep two folders. One for income and one for expenses or just separate them in the same folder using the plastic wallets.
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