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

My Situation

Discussion in 'Business & Tax Advice' started by gbmack, Jul 24, 2009.

  1. gbmack

    gbmack Power Member

    Joined:
    Apr 19, 2009
    Messages:
    705
    Likes Received:
    686
    So I am a complete retard when it comes to taxes.

    I get my money from CPA networks via check. I don't receive the money via Paypal because I heard that if you receive anything over $300+, your account can get limited... and because I'm 15 I would have to wait 3 years before I can open it again.

    So how exactly do I pay taxes? I understand that no matter what your age is, you still have to pay taxes... Help? Or can I bypass this?
     
  2. Five-0

    Five-0 Newbie

    Joined:
    Jul 21, 2009
    Messages:
    27
    Likes Received:
    4
    Location:
    Thinkpad Laptop
    Back when I was 15 till I was 17 I never reported the earnings. I did last year for my first year. Just don't worry about it. Unless your pulling in thousands?
     
  3. myrtlebeachdude

    myrtlebeachdude Registered Member

    Joined:
    Jun 26, 2009
    Messages:
    86
    Likes Received:
    72
    Occupation:
    Beach Bum
    Location:
    It's a sunny day in Myrtle Beach, SC!
    I'm no tax pro, but I am pretty sure as long as you don't make over $4500 you don't have to report. Definitely do your homework on it or come tax time give HR Block or some place a call and let them give you a more definite answer.
     
  4. bizzybee76

    bizzybee76 Junior Member

    Joined:
    Dec 27, 2008
    Messages:
    176
    Likes Received:
    95
    Occupation:
    Entreprenuer, Internet Marketer, Idea Generator
    Location:
    Colorado
    At the end of the year they should send you a 1099 with your earnings. You will be required to file a tax return for your earnings. If you bring in a ton of cash, you need to pay your taxes on a quarterly basis to avoid underpayment penalties.

    You need to check out the IRS website irs dot gov for some more info.

    Talk to your parents about it, and they can help you when it is time to file.