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How do I do taxes as a teenage IM? Please help

Discussion in 'Business & Tax Advice' started by VitalityMN, Sep 20, 2013.

  1. VitalityMN

    VitalityMN Regular Member

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    Ok, so before I begin to make any final descisions with making money with IM. I need to know like what forms, and everything I need to do to file taxes. I'm 17. Will be 18 in a few weeks, but I estimated that I will be making about $50-$75 a month to start. Everything is lined up and ready, but I need help with this before I make any for sure answer. If you can help I'll be truly grateful.

    Sincerely,

    Tim Johnson
     
  2. sasuke120

    sasuke120 Regular Member

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    I dont know in which country you live but here where I am you only have to pay tax if you make more than 8k a year so check the law maybe you dont have to pay taxes yet ;)
     
  3. innosoft

    innosoft Jr. VIP Jr. VIP Premium Member

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    i dont think that u have to pay taxes for income under $1000. (lowest..).. in my country u have to pay tax only if u exceed $5,000 Income mark...
     
  4. BENNY8877

    BENNY8877 Supreme Member

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    Don't ask for tax advice in a forum. Ask an Accountant in your area, maybe your Mom or Dad are using one?
     
  5. allegran73hm

    allegran73hm Junior Member

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  6. kbos2hm

    kbos2hm Junior Member

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    depends over in the UK weather its a hobby or not or classed as a business your better to check with someone who can give you advice in your country being dollars i would take a guess at america and so far as i know over there its different laws in different county's.
     
  7. DBMEDIALLC

    DBMEDIALLC Junior Member

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    In the US, if you make more than $600 gross, you have to report that. In some states you're actually required to get an LLC setup as well, but not all. You report it on schedule c of your income tax return. It's for self employed workers to report sales/expenses or in other words profit/loss. I'd recommend Outright.com. It will manage it for you and tell you how much you need to pay in quarterly estimated taxes. Then use something like Turbotax to pay your taxes at the end of the year. It's not that hard.
     
  8. savage007

    savage007 Newbie

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    Listen to no one when it comes to taxes, only you can know what your tax "requirements" are. You have to educate yourself...99% of people have no clue, the tax professionals have no clue. You are young, if you learn your rights you will have rights. If you "elect" to become a "taxpayer" then you will be required to pay taxes, education is key.

    Cheers!
     
  9. roach

    roach BANNED BANNED

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    I just bring all my proof of incomes as well as proof for my tax write offs to H&R Block..... But of course I take a percentage off all my income off the top and put it in a special account i use just for tax money. I am in the usa and my cpa company files a 10-99 form. Meaning I am an independent contractor and I am liable for all my own taxes. But yeah this is really the wrong place to ask for tax advice... You really should call an accountant. Good luck and try to avoid prison due to tax evasion. :)
     
  10. Hybrid12346

    Hybrid12346 Junior Member

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    I'm in the same position as you. When do I have to report my income or file my taxes?
     
  11. DanTe_0101

    DanTe_0101 Senior Member

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    You can just post from which country you are then people with same countries can jump in and may help you.
     
  12. MadStacks

    MadStacks BANNED BANNED

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    We do not even know what country you will be filing under so we cannot give you any decent advice.
    Also for the amount of money you are talking about making you do not even need to claim income.