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Being a teenager sucks...

Discussion in 'Business & Tax Advice' started by Rydog11, Jul 10, 2010.

  1. Rydog11

    Rydog11 Newbie

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    I need some help from some experienced members. When do most affiliate programs start sending info to the IRS? Specifically what number? I'm trying to stop before I hit the 1,000s but this means I need to constantly change companies a lot. Currently I'm trying Adult Friend Finder. Do they send you any forms when you hit a certain amount like a W9? Any help is appreciated.
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  2. Rydog11

    Rydog11 Newbie

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    Well I'd rather not break the law in any way lol any other ideas?
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  3. kayzne

    kayzne Jr. VIP Jr. VIP Premium Member

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    They send everything man. All that matters is your OWN income level.
     
  4. quicknrandom

    quicknrandom Regular Member

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    $600 threshold per year
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  5. Rydog11

    Rydog11 Newbie

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    Well my own income level not online is zero thanks to the economy and older people taking the crappy jobs i want. Does that help?
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  6. davidson

    davidson Registered Member

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    quicknrandom is correct. There is a $600 threshold before they required to report your earnings. However, they can report any amount if they choose.

    Whether or not income is reported by a third-party to the IRS does not relieve you of your responsibility to report all income earned to the IRS. That simply means that you can use, "But they didn't send me a 1099" as an excuse.

    And with the new IRS regulations, more and more of these companies (like PayPal) will be reporting all transactions.

    My advice is to report all income accurately and keep accurate records of your qualified deductions.

    (And I'm a tax guy, so that's pretty good advice.)
     
  7. koharski

    koharski Newbie

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    taxes are no problem! Just report the income you make, you wont have to pay much if you are only making xxxx$.

    In canada, we can make 9000$ before you have to pay taxes. And if you are in college you can deduct tuition from your income!

    just download a tax program to figure out how much to pay then you can focus on making money :D
     
  8. rforster510

    rforster510 Registered Member

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    Why can't you just stay with the company you like best and report all earnings made with them? I doubt your parents will care if you're making money online, just tell them what they need to know when it's time to report your earnings.
     
  9. volund

    volund Senior Member

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    I have to agree, pay the taxes. While being a teenager might suck being busted for tax evasion is even worse. Even if you do not receive a 1099 from one of the companies that does not mean it did not get lost in the mail and they reported the income to the IRS. You never really know so report and pay.

    Now keep in mind that you are running a business so you can deduct all of your business expenses off the top. Hosting, ads, papercilps etc.... Keep track of all that and you will end up having to pay a lot less.
     
  10. Reefer

    Reefer Junior Member

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    I'm confused as you why you want to avoid paying taxes... operate under a new business entity and you can write off all work related expenses (internet, hosting, domains, services, client dinners, etc). Since you are only making low xxxx, you can probably write off enough to get lots back as a refund check.

    Having a business that makes a decent income looks great on a college resume too ;-)
     
  11. july23

    july23 Jr. VIP Jr. VIP Premium Member

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    In Philippines you won't pay taxes if you earn through internet XD even it reach million
     
  12. sdtopensied

    sdtopensied Regular Member

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    You'll find that the threshold may differ somewhat from network to network, but I've found that the magic number seems to be around $500.00.

    You should be able to find the actual number in the TOS for any given network.

    -SDT
     
  13. tbrizell

    tbrizell Junior Member

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    talk with an accountant or tax expert about this, you don't want irs problems especially at such an early age. best thing is the right thing always