Tax Question... - GoFuckYourself.com

StickyGreen · 03-30-2005, 12:07 AM

Ok, if you make over $600 in one year with a company you need to claim it right? So when does that reset? like, at the beginning of the year does it reset back to $0 with that company so you need to make over $600 again during that year? how exactly does that work...

cosis · 03-30-2005, 12:09 AM

get an accountant

GatorB · 03-30-2005, 12:13 AM

Quote:

Originally Posted by StickyGreen

Ok, if you make over $600 in one year with a company you need to claim it right? So when does that reset? like, at the beginning of the year does it reset back to $0 with that company so you need to make over $600 again during that year? how exactly does that work...

You kind of answered your own question. Tax year runs from Jan 1 thru Dec 31st. Figure it out

StickyGreen · 03-30-2005, 12:26 AM

Quote:

Originally Posted by GatorB

You kind of answered your own question. Tax year runs from Jan 1 thru Dec 31st. Figure it out

so for example...lets say i made $800 with company A in 2004. so i pay the taxes. then in 2005 i make $500 with the same company. does that mean that after 2005 i dont pay taxes since it started back at zero?

rowan · 03-30-2005, 12:52 AM

I'm not a yank but I thought the $600 thing was a reporting requirement only... if you earn $200 you still have to declare it, even though the company paying you doesn't need to provide any documentation.

I could be wrong.

bdld · 03-30-2005, 02:53 AM

report everything, everything.

evanmorgan · 03-30-2005, 02:54 AM

yeah get an accountant, else u will probly be in jail in a year

ITG-Obi · 03-30-2005, 03:00 AM

does the revenues you get from your sites all reported. How do you do your bookkeeping?

1215 · 03-30-2005, 05:10 AM

your tax year runs whenever you say it runs.

if you want to go june to may, sept to aug, etc, thats up to you.

when you get an accountant, you;ll probably get a tax id of some sort as well, and thats when/where you decide what your tax year will be if its not the default jan-dec.

Sosa · 03-30-2005, 07:52 AM

you still have to report that $500.

That $600 figure is just when most companies will send you out a tax form saying how much you made with them. Either way you still report it.

Basic_man · 03-30-2005, 09:19 AM

Damn, it's so complicated for Canadian webmasters to do the taxes report !!

StickyGreen · 03-30-2005, 09:38 AM

i never knew you had to report every penny. i was under the impression that if you only made a few bucks here and there under $600 you did not have to report it yet. :\

LeeNoga · 03-30-2005, 09:44 AM

No, what most people do is, if they did not get a 1099 on some income, they do not report.

Most companies if you make under $500 do not send you a 1099, BUT your still supposed to report the income, 99.99% do not.

StickyGreen · 03-30-2005, 12:16 PM

Quote:

Originally Posted by LeeNoga

No, what most people do is, if they did not get a 1099 on some income, they do not report.

Most companies if you make under $500 do not send you a 1099, BUT your still supposed to report the income, 99.99% do not.

ok thats what i figured. most people dont because the government isn't really trippin off a few hundred dollars here and there, if you made thousands and thousands then i'm sure it would be a different story...

03-30-2005, 12:07 AM	#1
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	Tax Question... Ok, if you make over $600 in one year with a company you need to claim it right? So when does that reset? like, at the beginning of the year does it reset back to $0 with that company so you need to make over $600 again during that year? how exactly does that work...

03-30-2005, 02:54 AM	#7
evanmorgan Confirmed User Join Date: Aug 2004 Posts: 2,490	yeah get an accountant, else u will probly be in jail in a year __________________ Perfect for Asian, Petite,Teen, Exotic, Bikini, Solo girl, Panty, Softcore and Cameltoe Traffic 100% Exclusive Girls and Content NEW JOON MALI Tour - LILY KOH 60% Lifetime Rev Share, 10% Webmaster Referral - Epassporte

03-30-2005, 03:00 AM	#8
ITG-Obi Confirmed User Join Date: Feb 2005 Location: mtl-orb Posts: 143	does the revenues you get from your sites all reported. How do you do your bookkeeping? __________________ Guaranteed Lowest Prices for Online Prescription Medication

03-30-2005, 05:10 AM	#9
1215 Boner Party Industry Role: Join Date: Aug 2004 Posts: 2,376	your tax year runs whenever you say it runs. if you want to go june to may, sept to aug, etc, thats up to you. when you get an accountant, you;ll probably get a tax id of some sort as well, and thats when/where you decide what your tax year will be if its not the default jan-dec. __________________ Best Hosting

03-30-2005, 09:19 AM	#11
Basic_man Programming King Pin Industry Role: Join Date: Oct 2003 Location: Montreal Posts: 27,360	Damn, it's so complicated for Canadian webmasters to do the taxes report !! __________________ UUGallery Builder - automated photo/video gallery plugin for Wordpress! Stop looking! Checkout Naked Hosting, online since 1999 !

03-30-2005, 12:09 AM	#2
cosis Confirmed User Industry Role: Join Date: Aug 2001 Location: Beach Posts: 5,281	get an accountant

03-30-2005, 12:52 AM	#5
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	I'm not a yank but I thought the $600 thing was a reporting requirement only... if you earn $200 you still have to declare it, even though the company paying you doesn't need to provide any documentation. I could be wrong.

03-30-2005, 02:53 AM	#6
bdld $100,000 Join Date: Dec 2001 Posts: 11,452	report everything, everything.

03-30-2005, 07:52 AM	#10
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	you still have to report that $500. That $600 figure is just when most companies will send you out a tax form saying how much you made with them. Either way you still report it.

03-30-2005, 09:38 AM	#12
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	i never knew you had to report every penny. i was under the impression that if you only made a few bucks here and there under $600 you did not have to report it yet. :\

03-30-2005, 09:44 AM	#13
LeeNoga Confirmed User Join Date: Jul 2001 Location: Egg & Sperm Mutation Posts: 3,043	No, what most people do is, if they did not get a 1099 on some income, they do not report. Most companies if you make under $500 do not send you a 1099, BUT your still supposed to report the income, 99.99% do not.