Tax

[keauhou]

What a great topic-thnx for all the great info!

[work778]

Wow, I can't believe you made 400 in a month without referrals.  How???  You must qualify for all the high paying surveys.  Wish I would!

[jwallbank]

I believe the employer or ptc site or whatever site you are making money on has to send you a tax statement at the end of the year what you made, if it goes over the IRS limit. I believe for 2012 it was $600 but, may go up for 2013 but, count on $600 so, if you make $599 you don't have to pay but, if you make $601 you have to pay on all of the amount. I'm pretty sure this is still in affect but, to be sure you should check with the IRS on their website to verify because you know the IRS their regulations seem to change every year.

[jwallbank]

The tax amount is all depending on your status, (single, married, head of household, dependants) and how much you make totally, weather you have a house you can deduct interest and other variables. To make a rough estimate, I would put away about 12-15 percent to be safe. I have been doing my taxes and my children's for years. I have never paid more that about 13 percent in federal taxes and that was when I only had my wife and myself as deductions and was making around 80k, now if you break other thresholds like 100k/150k/200k/250k the percent goes up.

[VampyreVixen]

I know that once I hit that $600 mark to start reporting, I may just go ahead and keep out several checks dedicated strickly for tax just in case.

[bonzie]

I`m not worried about that yet,but thanks for the info.

[VampyreVixen]

I know that once I hit that $600 mark to start reporting, I may just go ahead and keep out several checks dedicated strickly for tax just in case.

Don't forget that it's $600/year. If it takes you 2 years to earn $600, you have nothing to worry about.
FC will report your income to the IRS only if you've earned $600 or more in a year.  

I realize that.. I know that it will def take me a long time to get to that $600 mark.  I'm having difficulty now as I can't seem to find the time and/or I don't qualify for the mass majority of the surveys given to me.

[jgw007]

The IRS is a sham.

http://youtu.be/O6ayb02bwp0

[malgron]

It would be pretty awesome to reach $600 in a single year!!

[maverick12]

You are supposed to declare ANY income on your taxes ... whether it is $1 or over $600 .... the $600 limit is just when FC has report it to the IRS and issue you a form .... whether you declare under $600 or not is between you and y our conscience 

[cwortman544]

Anyone who is on unemployment watch what you claim on your taxes because if you're not reporting the income to unemployment and then you claim it on your taxes your state Government will figure this out and you will be taken to court.  I've known people that have been over paid by the state and didn't say anything or notify them and they were taken to court as well.  So be weary if you make a certain amount and plan on claiming it on your taxes make sure if you are on something else you report it there as well.  When I'm not getting work I claim unemployment but I don't plan on claiming the pocket change I make on here or there'd be no point to me being on here and doing it.  The only time I've ever seen anyone have to claim anything (A tax accountant has told me this) is when you are reported to have made income with an employer.  So if you make enough and Fusion Cash reports what you made on the website you better make sure you report it or it'll set off definite red flags.  If they so happen to randomly audit you and question you about what you made on here without you making $600 I'm assuming they just give you a penalty.  If you're making thousands of dollars online and evading taxes, you may as well just put the handcuffs on yourself.

[hawkeye3210]

Anyone who is on unemployment watch what you claim on your taxes because if you're not reporting the income to unemployment and then you claim it on your taxes your state Government will figure this out and you will be taken to court.  I've known people that have been over paid by the state and didn't say anything or notify them and they were taken to court as well.  So be weary if you make a certain amount and plan on claiming it on your taxes make sure if you are on something else you report it there as well.  When I'm not getting work I claim unemployment but I don't plan on claiming the pocket change I make on here or there'd be no point to me being on here and doing it.  The only time I've ever seen anyone have to claim anything (A tax accountant has told me this) is when you are reported to have made income with an employer.  So if you make enough and Fusion Cash reports what you made on the website you better make sure you report it or it'll set off definite red flags.  If they so happen to randomly audit you and question you about what you made on here without you making $600 I'm assuming they just give you a penalty.  If you're making thousands of dollars online and evading taxes, you may as well just put the handcuffs on yourself.

In other words, you are suggesting people lie to cover up another lie? I could really care less what you do, but that's not very good advice.

[twang18]

What is the best place to get tax advice?

[bianca07]

I would love to make enough to pay tax.lol

[sarah791017]

I wish I make 600/year, so that I can pay tax.