Hi there blackhatters, poeple have been asking me this question all the time. Do we need to pay taxes to the government for every sales we make online? Im still confused right now as i know that in the US & UK they do charge tax when you withdraw your money out from paypal. Correct me if im wrong. Need advice here. Thanks
Do we need to pay taxes for doing IM?
- Thread starter sandro13
- Start date
I see thanks for informing me about it. Cause my friends from the US keep telling me bout taxes that they have to pay as im leaving in asian country which im still not aware of whether to take this matter seriously.
CPAchick
Regular Member
- Jul 22, 2009
- 410
- 192
Is this a serious question?
You have to pay taxes on your earnings in the UK, where I live. Once you go over the taxable allowance you pay tax! If you're below the taxable level, you don't pay any tax.
BUT!
You MUST legally declare every penny you earn and then the taxman will tell what, if anything, you have to pay!
Don't mess about with the man!
You have to pay taxes on your earnings in the UK, where I live. Once you go over the taxable allowance you pay tax! If you're below the taxable level, you don't pay any tax.
BUT!
You MUST legally declare every penny you earn and then the taxman will tell what, if anything, you have to pay!
Don't mess about with the man!
Legally i mean. Well as for me they dont charge any tax when i withdraw but my friends in UK does. Kind of weird but im not sure what policy do they have over there.
Noted. Thanks for your share nowander my friend in UK keep ranting bout the taxes
and its not easy to escape with that
as they say..in life there are only 2 certainties..death and tax..yes you have to pay tax
hahah ya very true indeed. The government spares no one these days! recession is bad to worst
^ This.
But you dont pay taxes for sells you made online.
Kikerinka
Elite Member
- Dec 18, 2010
- 2,584
- 9,443
Depends on ho creative your accountant is.
I paid no tax last year and earned plenty of money (not from IM though). You either pay tax, or have a good accountant who know how to arrange things so you pay little or nothing.
Do not know where are you from, but you should be able to find some good accountants in your city.
I paid no tax last year and earned plenty of money (not from IM though). You either pay tax, or have a good accountant who know how to arrange things so you pay little or nothing.
Do not know where are you from, but you should be able to find some good accountants in your city.
Depends on ho creative your accountant is.
I paid no tax last year and earned plenty of money (not from IM though). You either pay tax, or have a good accountant who know how to arrange things so you pay little or nothing.
Do not know where are you from, but you should be able to find some good accountants in your city.
Haha, an accountant can not legaly let your taxable income ''dissappear''
If he is able too make you not pay taxes on like, 30-50k he is definetly doing something illegal.
OR
He let you avoid taxes by using offshore banking and company system.
om39a
Regular Member
- May 29, 2011
- 214
- 67
I don't know about other countries, But in INDIA, you have a valid pay play, to which you can withdraw, only when you have your PAN card linked to your PP account. Your pan card tracks of all your taxable income. Hence your withdrawal amount is also tracked, hence it is Taxable.
Kickflip
BANNED
- Jan 29, 2010
- 2,038
- 2,489
Depends on ho creative your accountant is.
I paid no tax last year and earned plenty of money (not from IM though). You either pay tax, or have a good accountant who know how to arrange things so you pay little or nothing.
Do not know where are you from, but you should be able to find some good accountants in your city.
I don't get why people always claim you need a creative accountant to arrange things so you pay little to no taxes.
If you don't want to pay tax, just don't report your income.
If you truly understand tax laws, then why do you need an accountant to do your tax reporting?
If you don't truly understand tax law, then your accountant is going to land you in jail.
It all makes no sense. If you will pass a full audit, then your accountant isn't being creative. If you wont pass a full audit, then your accountant is just lieing to the government.
Do you think the government audits every tax return or something?
When the government gets your tax return, the ONLY thing they are doing to is inputting the numbers you sent them into a computer, then checking against any statements of income sent by an employer. If nothing mismatches, they just take you at your word.
The only problems are created from an audit which a small % take place each year randomly, or someone claiming a deduction based on money they paid to you, or a financial institution (paypal or a bank) notifying them of a large payment you received.
If you want to avoid paying taxes, just simply declare all of the income you made, then just put it as an expense paid for something random. You can even make a fake invoice for some foreign company, and make cash withdrawals for the exact same amount each month so you could pass an audit. Call it a web management fee and tell the government its vital for your business to operate.
fad3r
Power Member
- Sep 17, 2011
- 735
- 115
If you are living in the US and make more then 600 a year you will be expected to pay taxes on it. However if you own your own biz you can operate at a loss for the first 3 years. Meaning I made 10k but I spent 20k and I want to write 20k off. Talk to your accoutant
Depends on ho creative your accountant is.
I paid no tax last year and earned plenty of money (not from IM though). You either pay tax, or have a good accountant who know how to arrange things so you pay little or nothing.
Do not know where are you from, but you should be able to find some good accountants in your city.
how much do you think to hire an accountant to do all these taxes?
rakoom2002
Supreme Member
- Jun 5, 2011
- 1,207
- 886
For you guys when do you start claiming taxes? Like if you just make 100 bux here and a 100 there, its a pain in the ass. Ive been struggling over the limit. do you just keep track of what youve made over the year, claim that on your taxes and then pay what they ask?