First time filing taxes for a pay site. 1099-k Help feedback.
 

Started a small pay site.
I only earned $1294 with 150 transactions within 5 months.

Can I deduct the $500 Visa fee?

Do I need to file at all because of the numbers?

If so who do you use?

I blew away a lot of money in the old days, not proud to ask for help and learn again.

If you made $600 after expenses then you have to file.

If you made over 600 dollars before expenses you need to file.

Then you deduct visa fee
Hosting fee
domain name
and any advertisements you paid for for it.\

If you used Visa to process for any other sites you need to prorate the deduction.

and the cost of the content and anything to do with the website can be deducted...


When we were in the UK, self employed tax, we were turning over maybe 80k a year, but by the time of removing everything inc. car and business travel, lunch expenses, clothing, cameras & lighting, model fees, wifi, part electric bills, all these are allowed expenses, we pulled it down to just over 15k so our tax was low, but all legal and legit...


you can deduct the yearly domain name, server and hosting fees, advertising, content, programmers & developers, designers & all processing fees & banking fees :thumbsup