Taxes for money made?

[twinsLS]

What kind of taxes do you pay for your incom on this site and How do you go about filing them at the end of the year?

[timetravel]

none and don't.  If your earnings - in the U.S. - are less than six hundred dollars in any one year, there are no tax forms or anything to pay.  If you earned over six hundred a year F.C. would have to give you the tax statement and all that.  If you notice, most members haven't made that much after being here for years.  Even if you are able to cash out with 25 a month each month, that would only be three hundred dollars in a one year period.

[mom2taz]

So, I am guessing that should you have a lot of referrals who are active and you spend enough time on this site to get a lot of surveys and such and make over $600 in any given year that FC would send you the appropriate tax documentation at the end of the year???

[ULuvCeCe]

$600 is definitely a good rule of thumb but you always need to make sure with a tax professional as it can vary state to state and/or depend on your other income. Better safe than sorry when it comes to the IRS

[timetravel]

I won an apple ipad at another survey site recently (just got it a week ago - yeah!) and because the value was 499.00 I didn't have to do any tax stuff for it.  Had I won an ipad2 that might have been different.  600 is the best rule of thumb.  I belong to a ton of sites and there is no way I make over 600 in any given year from any one.  Last month I cashed out a total of 139.00 between paypal and amazon gift cards at various survey sites which is about the most I've ever done in a month.  And again, that is from a variety of sites - the most I received from one was forty dollars.  even if I could get forty a month from any one site that wouldn't equal six hundred in a one year period.

[Administrator]

We cannot provide tax advice.  You must speak with a licensed professional who can understand your situation (location, income, etc).

With that said, the IRS generally requires that you report ALL income you receive, no matter the amount.  $20 from a garage sale, or $25 from FusionCash -- it's all taxable income to the IRS.

[azrolator]

Better safe than sorry I think. If it would bump you into a new tax bracket then that would more likely be more trouble later on if you didn't file it. If even with the earnings from here then you would still get money back and be in the same bracket, then I doubt they would come looking for you for just a small amount, but you takes your chances!

[mom2taz]

We cannot provide tax advice.  You must speak with a licensed professional who can understand your situation (location, income, etc).

With that said, the IRS generally requires that you report ALL income you receive, no matter the amount.  $20 from a garage sale, or $25 from FusionCash -- it's all taxable income to the IRS.

I report all income each year just to be on the safe side....but last year I needed as much as I could come up with to get enough for a credit....and tried to include money I made from a garage sale...they wouldn't accept that....ugghh...lol

thanks Admin.

[southernhorizons]

It's good to know that they don't accept garage sale money as income. Probably occasional ebay sales wouldn't count anyway. If I were going to report my income from this stuff, I would report it as self-employment, and deduct my internet bills, which would put me into a negative amount, so either way it would not affect my gross income. In fact, you have to have at least 400.00 to even file the self-employment form, and I don't even get that.

[frozenimage]

you have to pay taxes only if you have earned over 600 this year. Other then that, I wouldn't worry too much about it. 

[timetravel]

I still believe it's over six hundred from any one site - if you make two hundred from one and five hundred from another, I don't think you'd have to worry.....you'd be very lucky if you could do all that!  Then again, it's up to you.  It sounds like from some of the other comments the IRS is not too concerned with what it must deem as "petty cash" earnings lol...And, as someone else pointed out, deduct internet costs, etc. and you probably have a much lower balance.

[gaylasue]

Unless I get a 1099 I'm not going to worry about it.

[pfrancis001]

great information FC people.  thanks  s