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Freelance Taxes?

Discussion in 'BlackHat Lounge' started by Aluminium, Jun 6, 2014.

  1. Aluminium

    Aluminium Jr. VIP Jr. VIP Premium Member

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    I'm only 19 and I've never really had to file my taxes before (well I have, I just never claimed any income), now that I have my own stream of income I'm not exactly sure where to begin with them.

    Is there a certain income threshold? Should I have been keeping track of my income the entire time? I have a feeling I could just go to bank and get a file pertaining to all of my transactions (that would help me figure out the actual income I've received).

    I just started thinking about it and it's quite overwhelming, I'm not really sure where to begin to be completely honest. I know there's stuff like businesses deductions and junk, but don't I need receipts in order to claim something?

    HELP ME LAWD.

    - A
     
  2. Panther28

    Panther28 Jr. VIP Jr. VIP

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    Forget about what you should file things as, get a spreadsheet done with your year income and expenses in there, all labeled.

    Check them against your paper statements.

    Make sure that everything adds up to the exact amount you have in your bank now. (that includes after the .)

    after you finish that, go ask an accountant to tell you which of the things you can offset against your net profit.

    you then will be left with 3 numbers.

    total: income/expense/deductions.
     
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  3. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    Get your self acquainted with them for a few years and then do the grayhat dance :)
     
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  4. madoctopus

    madoctopus Supreme Member

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    go ask around on accounting forums, lawyer forums, try to meet with an accountant and a tax lawyer and ask them whatever questions you have. BHW is not made of experts in taxes or accounting and the advice we could give you might not be the best for your case.