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15 years old, should I be worried about tax?

Discussion in 'Business & Tax Advice' started by emaloy97, Sep 10, 2012.

  1. emaloy97

    emaloy97 Junior Member

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    I've you've seen me around, you know I'm 15. Anyways I'm into product creation and selling/ selling sites on flippa.

    I have a PayPal, technically against their TOS

    Is there anything I need to know or procedures I need to go through? I'm totally fine with paying taxes I'm not asking to avoid, but how and when do I pay them? For money through PayPal.
     
  2. LittleBoots

    LittleBoots Registered Member

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    Occupation:
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    How much are you earning a year? From there we can find out if you even need to pay taxes or not
     
  3. pr0xy

    pr0xy Regular Member

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    Occupation:
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    If you're earning over $200 request a check because you risk paypal taking your shit.
     
  4. chrishas

    chrishas Registered Member

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    Taxes depend on where you live. If you live in the US, you start paying Federal Income Tax once you make $600 (last I checked). Each state has it's own rules, but most adhere to the $600 mark as well. Then you may have to pay local tax - you have to check for local taxes with your town, county and municipality. But Find Out . . . sometimes they penalize you if you don't pay estimated taxes.

    When I was much younger, in my early twenties, it never occurred to me to learn this and I paid for it. The first year I worked for myself, I wound up owing several thousand, plus penalties for not notifying the city and county I lived in, in a timely fashion.

    All you have to do is look it up online or call them. They will happily tell you what you need to do.
     
  5. chrishas

    chrishas Registered Member

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    Plus, you should be tracking your expenses.

    Anything you spend on your IM business is a deduction - paypal expenses, fees to list sites on flippa, domain and hosting costs, etc. If you use items exclusively for you IM business, you may be able to deduct them as well - this could include computer equipment, & office supplies. A portion of your cell phone, and so on.

    If you're like me and travel to Starbucks, McDonald, Barnes & Nobles to use their IP addresses, you could deduct travel expenses.

    You can also find this information online.

    Good Luck