Take Adsense/YouTube for instance. How much money would I need to earn within the calendar year for the IRS to consider it reportable?
A business has to report to the IRS whenever they pay a contractor more than $599.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Reporting-Payments-to-Independent-Contractors
I think that usually if you are not really getting any income from anywhere else, but only from your online business, I believe that if you make under $30,000 and this is all you made, that you are exempted from taxes. If you make more, than you have to pay taxes.
Thanks for the quick answer! I'm already employed 40 hrs week. My affiliate income is to supplement that. Naturally I file taxes anyway...but am trying to figure out if THIS type of income is treated the same as any other "extra" income... such as earnings from stocks and investments. And whether it needs to be a certain amount before it's considered taxable.
I think that after a certain amount, that it is considered taxable either way. So I think that the methodology that you utilize already to file taxes is good as is, you could definitely keep utilizing that method to file your taxes for the income you made on your site. With your affiliate programs though, they always ask for your tax info, so everything is recorded.
Yes...that's true...regarding the affiliate programs. Then when I tried to look up on google about adsense, it was really ambiguous, and the links it suggested going to for info, don't even work!
See more comments
What is the earning threshold for u.s. taxes?
Take Adsense/YouTube for instance. How much money would I need to earn within the calendar year for the IRS to consider it reportable?
A business has to report to the IRS whenever they pay a contractor more than $599.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Reporting-Payments-to-Independent-Contractors
I think that usually if you are not really getting any income from anywhere else, but only from your online business, I believe that if you make under $30,000 and this is all you made, that you are exempted from taxes. If you make more, than you have to pay taxes.
Thanks for the quick answer! I'm already employed 40 hrs week. My affiliate income is to supplement that. Naturally I file taxes anyway...but am trying to figure out if THIS type of income is treated the same as any other "extra" income... such as earnings from stocks and investments. And whether it needs to be a certain amount before it's considered taxable.
I think that after a certain amount, that it is considered taxable either way. So I think that the methodology that you utilize already to file taxes is good as is, you could definitely keep utilizing that method to file your taxes for the income you made on your site. With your affiliate programs though, they always ask for your tax info, so everything is recorded.
Yes...that's true...regarding the affiliate programs. Then when I tried to look up on google about adsense, it was really ambiguous, and the links it suggested going to for info, don't even work!
See more comments
see someone has given you a link to the information you need