newbie with taxes...Please help

[Unicron]

Hi, I'm a newbie and I have ads for several sites from adsense and blacklabel ads. I'm totally lost on the filing part. Do I have to send in W-9 forms to both of them? When do I receive the 1099? Also, its registered under a sole-proprietorship, so do I have to do taxes once a year or on the quarter?
If anyone can help it will be greatly appreciated

 

[~@-kanye-west-@~]

W-9 forms to both of them?

yes you need to submit those forms if you are US resident.. if not you dont need it

 

[loclhero]

Hi, I'm a newbie and I have ads for several sites from adsense and blacklabel ads. I'm totally lost on the filing part. Do I have to send in W-9 forms to both of them? When do I receive the 1099? Also, its registered under a sole-proprietorship, so do I have to do taxes once a year or on the quarter?
If anyone can help it will be greatly appreciated

Almost all aff networks are going to want those w-9's at the start of your relationship with them so I'm not sure how you got this far without sending. Are we talking about earnings for 2008?

Regarding your 1099's, you absolutely should have gotten your 1099's by now. Hell even adultfriendfinder sent mine to me already and they are the worst. Adsense is very prompt. Did you earn more than $600 with each affiliate? If you did NOT, then you won't get one but assuming you did, you should have them by now.

As for your other question, if you are operating as a sole prop, or hell even if you are not, if your earnings are substantial you absolutely have to file your quarterly taxes otherwise you're gonna get slammed.

 

[Unicron]

Thanks alot for the information . I just placed the ads up recently(last few days). I made a list of several other questions if you dont mind

1) will the 1099 for 2009 come sometime early next year?

2) when I file taxes on the quarter, What forms and documents do I have to send in?

3) Can you recommend a good amount of time to have the taxes in before the quarterly deadline(2 weeks?, 3 weeks, etc)

4) Since I'm under a sole-proprietorship, and I may generate click revenue by april 15th(quarterly due date), do I have to pay taxes for this quarter?

5) If I made a certain amount of money through ads, but haven't reached my payment threshold so I haven't received a check for that month, do I still have to claim it on the quarterly?

 

[innocent]

The answers to your questions depend on a few other factors:

1) How much are you making monthly from Adsense?
2) Do you also have a job where you are paid a paycheck?

If you are making $5000+ from adsense annually and don't have another income then your answers will be different than if you had a job with a paycheck. Answer those two questions and I'll give you the answers you need....I'm kind of handy at taxes if I do say so myself!!

 

[xvoidx]

Thanks alot for the information . I just placed the ads up recently(last few days). I made a list of several other questions if you dont mind

1) will the 1099 for 2009 come sometime early next year?

2) when I file taxes on the quarter, What forms and documents do I have to send in?

3) Can you recommend a good amount of time to have the taxes in before the quarterly deadline(2 weeks?, 3 weeks, etc)

4) Since I'm under a sole-proprietorship, and I may generate click revenue by april 15th(quarterly due date), do I have to pay taxes for this quarter?

5) If I made a certain amount of money through ads, but haven't reached my payment threshold so I haven't received a check for that month, do I still have to claim it on the quarterly?

1. The 1099 comes postmarked no later than Feb 15 I think but usually you get them around January so for 2009 you will receive one jan 2010. One is sent to you and one is sent to the IRS.

2. 1040-ES form is for estimated tax payments. It has instructions on the form.

3. The payment just needs to be postmarked by the date its due. Each payment voucher that's on the 1040-ES form has a due date on it. Sending it in early just means you lose working capital.

4. I think you have the wrong idea about quarterly payments. A quarterly payment is to make sure you don't owe too much in taxes for the year. If you owe too much at the end of the year the IRS may charge you a penalty for not paying enough in estimated taxes. I think the threshold is 1,000 dollars for individuals.

5. No you only pay taxes on money you get paid. If you don't get paid the money the IRS doesn't see this as you EARNING the money.

6. I'm not an accountant so don't take this advice as end all. You should talk to an accountant.

7. If your not earning more than 10,000 a year i wouldn't worry too much about estimated tax payments. Your going to be in a low tax bracket and your tax liability probably won't be over 1,000 assuming you have some expenses to go along with that income. But if you do make like 10 grand or so just send in like 5 or 6 hundred bucks a quarter to play it safe. More than likely though you end up getting a refund and refunds mean your a bad investor. Don't be a bad investor.

8. If your making alot of money, 50k or over, get an account to handle this stuff. You can afford it. If you making over 500k a year you NEED an accountant unless your highly skilled at this stuff. Accountants always save you more money than they cost.

 

[Unicron]

The answers to your questions depend on a few other factors:

1) How much are you making monthly from Adsense?
2) Do you also have a job where you are paid a paycheck?

If you are making $5000+ from adsense annually and don't have another income then your answers will be different than if you had a job with a paycheck. Answer those two questions and I'll give you the answers you need....I'm kind of handy at taxes if I do say so myself!!

I'm making less than 100 dollars from adsense and I do have a job where i receive a paycheck

 

[xvoidx]

I'm making less than 100 dollars from adsense and I do have a job where i receive a paycheck

Then you don't even need to worry about quarterly tax payment plus your employer is withholding tax from your paycheck anyway and that should be enough. Just get the 1099 and file your taxes using schedule C. 1099s are issued generally if you make over 600 dollars from one place sometimes companies will just issue them anyway no matter what the dollar amount is. You could use turbotax since your taxes really aren't complicated. It will make it easier on you.

 

[Unicron]

Then you don't even need to worry about quarterly tax payment plus your employer is withholding tax from your paycheck anyway and that should be enough. Just get the 1099 and file your taxes using schedule C. 1099s are issued generally if you make over 600 dollars from one place sometimes companies will just issue them anyway no matter what the dollar amount is. You could use turbotax since your taxes really aren't complicated. It will make it easier on you.

Thank you for the priceless information, I've searched everywhere for help. Thanks again. Also, I've been told that I should submit a w-9 to black label ads, but I searched everywhere for an address and/or fax number, but I can't find it anywhere. Do I have to submit a w-9 to them? If so, where to?

 

[xvoidx]

Thank you for the priceless information, I've searched everywhere for help. Thanks again. Also, I've been told that I should submit a w-9 to black label ads, but I searched everywhere for an address and/or fax number, but I can't find it anywhere. Do I have to submit a w-9 to them? If so, where to?

Black Label Ads? I'm not sure. Try calling them

http://www.blacklabelads.com/mb/learn_more.php

Also here is the W-9 form

http://www.irs.gov/pub/irs-pdf/fw9.pdf

I have no experience with black label ads but i'm sure if you call they can help you.

Also when you signed up if you had to put in a SSN(social security number) number or a EIN(employer identification number) and your address they will automatically generate a W-9 form for you with the info you provided. Again though i have no experience with them so you could just call. Most networks work that way though.

 

[Unicron]

Thanks again for the information