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ClickBank and Taxes

Discussion in 'Business & Tax Advice' started by agag2, Oct 21, 2012.

  1. agag2

    agag2 Supreme Member

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    Hello

    Im wondering if I earn money via clickbank and set my payment threashhold to $10,000 for example and earn $5,000 so the money is in my clickbank account but not my bank account yet do I have to pay taxes on it this year? Or only once I actually recieve the money. Similarly if my PayPal acc got limited w several thousand dollars and it's locked for 6 months do I need to pay taxes on it this year or only once I actually get the funds?

    Thanks
     
  2. agag2

    agag2 Supreme Member

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    Anyone...?
     
  3. BigFatWallet

    BigFatWallet Power Member

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    Although I am no tax guru but going by common sense you should not be accountable to pay tax on monies that are still not in your bank account.
     
  4. fukien

    fukien Junior Member

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    hey

    your question just ring me a bell ...i was wondering ..how much money can you keep on your clickbank acount?what is the maximum?

    fukien
     
  5. tacopalypse

    tacopalypse Executive VIP Jr. VIP Premium Member

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    well, the idea is that you need to pay taxes on your clickbank earnings because clickbank reports your earnings to the irs at the end of every year.

    my guess is that if you don't cash out to your bank account, then clickbank wouldn't report to the irs that they've paid you anything (because they really haven't paid you yet), and therefore you wouldn't have to pay taxes on it yet.

    of course it makes much more sense to simply ask this question to clickbank customer support. i'm sure they could give you a better answer. :p
     
  6. unclemike

    unclemike BANNED BANNED

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    I am not a tax expert but to me it seems like as long as it is not in your bank account you
    should be fine not to claim it yet.