1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

How does the IRS know your income?

Discussion in 'Business & Tax Advice' started by Brainzzzz, Dec 29, 2013.

  1. Brainzzzz

    Brainzzzz Newbie

    Joined:
    Jan 24, 2013
    Messages:
    29
    Likes Received:
    0
    I generate my income from online sales. That money goes to my bank account. From what i know the banks don't report to the IRS right unless they ask for it or its high numbers?
     
  2. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

    Joined:
    Nov 5, 2012
    Messages:
    4,346
    Likes Received:
    11,253
    Occupation:
    travəlɪŋ
    Location:
    Aibres
    Home Page:
    Well, the thing is, which country you live in?
     
  3. Brainzzzz

    Brainzzzz Newbie

    Joined:
    Jan 24, 2013
    Messages:
    29
    Likes Received:
    0
    The US where the tax man is the devil.
     
  4. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

    Joined:
    Nov 5, 2012
    Messages:
    4,346
    Likes Received:
    11,253
    Occupation:
    travəlɪŋ
    Location:
    Aibres
    Home Page:
    Well, if that's the case you know what you're supposed to do...
     
    • Thanks Thanks x 1
  5. zebrahat

    zebrahat Elite Member

    Joined:
    Aug 6, 2008
    Messages:
    2,351
    Likes Received:
    2,891
    In the case of business earnings, information reports such as 1099s are sent by US companies to the IRS, especially if the amounts are above $600 per year, from which the IRS presumes the money you received as 'income.' A US bank may also submit 1099s.
     
  6. UptonGoodwin

    UptonGoodwin Jr. VIP Jr. VIP Premium Member

    Joined:
    Jan 11, 2012
    Messages:
    594
    Likes Received:
    266
    Yep, the companies that pay you report paying you to the irs. All the irs does is make sure you pay your taxes.
     
  7. jimmylegs

    jimmylegs Senior Member

    Joined:
    Oct 1, 2013
    Messages:
    960
    Likes Received:
    294
    Occupation:
    Text Message/Social Media Marketing Specialist
    Location:
    Getting Your Business Sales
    How wouldn't they know what you make. It the government. If you dont intend on making pennies this year i suggest you register a real business
     
    • Thanks Thanks x 1
  8. phrozn

    phrozn Registered Member

    Joined:
    Aug 17, 2011
    Messages:
    86
    Likes Received:
    18
    OR if you have say a 9-5 job, or whatever, you normally fill out a W2, which is them taking taxes out first, before dispersing any money.
     
  9. jimmylegs

    jimmylegs Senior Member

    Joined:
    Oct 1, 2013
    Messages:
    960
    Likes Received:
    294
    Occupation:
    Text Message/Social Media Marketing Specialist
    Location:
    Getting Your Business Sales
    K how's about this. You've always wanted a online empire right?

    Well prove it and sign up in your country's local service center and register a business. Do your tax's once a year and enjoy real profits.

    Or continue online faking it and never making it.

    Posted via Topify on Android
     
    • Thanks Thanks x 2
  10. Wali7

    Wali7 Registered Member

    Joined:
    Dec 19, 2013
    Messages:
    92
    Likes Received:
    24
    Location:
    Colombia
    Big suggestion, register a corporation in Panama.
     
  11. Veyron

    Veyron BANNED BANNED

    Joined:
    Jun 3, 2013
    Messages:
    1,452
    Likes Received:
    1,297
    Pay your taxes.

    Veyron
     
    • Thanks Thanks x 1
  12. zebrahat

    zebrahat Elite Member

    Joined:
    Aug 6, 2008
    Messages:
    2,351
    Likes Received:
    2,891
    Unless, of course, you don't have taxes to pay. Avoid unneeded presumptions or erroneous misapplication of a liability, by (wherever possible) minimizing submission of the government-assigned SSN on any paperwork or application. The slave number and paper trail creates the presumption of liability, whether one exists or not.
     
  13. Bazza525

    Bazza525 Newbie

    Joined:
    May 30, 2013
    Messages:
    4
    Likes Received:
    6
    For blackhats you guys are all very pro obedience
     
    • Thanks Thanks x 5
  14. funkybunker

    funkybunker Supreme Member

    Joined:
    May 14, 2013
    Messages:
    1,239
    Likes Received:
    1,766
    Occupation:
    BOSS
    Location:
    Silicon Valley
    For a newb you sure made an ignorant 1st post. Stop buying aged BHW accounts.

    To OP; I suggest registering your business as well. So many costs can be marked as expenses, it's silly not to.
     
  15. Bazza525

    Bazza525 Newbie

    Joined:
    May 30, 2013
    Messages:
    4
    Likes Received:
    6
    You do know what a blackhat is right? Plus what does post count have too do with anything? Also I didn't buy an aged account, just lurked alot and haven't been on in a while. Stop making assumptions :p
     
  16. funkybunker

    funkybunker Supreme Member

    Joined:
    May 14, 2013
    Messages:
    1,239
    Likes Received:
    1,766
    Occupation:
    BOSS
    Location:
    Silicon Valley
    7 months lurking.
    I pray you learn what a black hat is since you need to ask me.
     
  17. Bazza525

    Bazza525 Newbie

    Joined:
    May 30, 2013
    Messages:
    4
    Likes Received:
    6
    As I said I have It has been a while since I have been on and I was asking if you knew what it meant. Anyway I do not want to derail this tread anylonger so I will leave it there
     
  18. wackiin

    wackiin Junior Member

    Joined:
    Dec 4, 2008
    Messages:
    149
    Likes Received:
    37
    Blackhat has nothing to do with the IRS lets use a example
    You make more then 10k and they pay you in cash
    you take that 10k and put it in the bank the IRS knows at that point unless its changed anything that hits your account regardless if you get a 1099 w2 etc doesnt matter
    If its over 9900 the IRS knows right away .
    and if your sponsor is in the US they know anyway because if they do not turn your income in they have to pay the tax on that income.
    After going around with them for years because of bullshit believe me that is one group you do not want in your biz .Once they start they will find EVERYTHING lmao

    And to the guys talking about offshore accounts go and try that shit and see if it works while you live in the usa.
     
  19. Brainzzzz

    Brainzzzz Newbie

    Joined:
    Jan 24, 2013
    Messages:
    29
    Likes Received:
    0
    What US companies are these... How can US companies get such information on my bank account.
     
  20. netmatrix

    netmatrix Regular Member

    Joined:
    Mar 21, 2010
    Messages:
    303
    Likes Received:
    83
    Location:
    Midst of the Matrix... Exploiting Glitches
    Do you make your money from affiliate sales such as ClickBank, Commission Junction, Share-a-Sale, LinkShare, etc?

    Do customers pay you via PayPal?

    Do you sell via a shopping cart and merchant account?

    Basically, it depends on how you are making your money online.