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need a lil tax help

Discussion in 'Business & Tax Advice' started by onelifewunlove87, Mar 27, 2009.

  1. onelifewunlove87

    onelifewunlove87 Power Member

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    ok complete noob 2009 has been my first earning year.

    I work for at least 3 networks earned over $600 dollars with.

    I have another job where i earn a regular paycheck

    My affiliate companies have my w-9

    I am filed under each co. under my ss# I do not have a buisness Id number

    What is the deal with quarterly taxes? Do I need to be concerned with this?

    Any tips on how to pay as little as possible other then deductions? Like working for 20 companies making like $500 at each and only making over that with one and paying taxes on that? Would that be illegal?
     
    Last edited: Mar 27, 2009
  2. bizcredit

    bizcredit Power Member

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    You have to pay taxes on all the income.. the company paying you is only required to report your information if they pay you over $600.
     
  3. onelifewunlove87

    onelifewunlove87 Power Member

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    ok soo if i make under 600 ?? pay no taxes? the irs does not even know i received that money
     
  4. jrslyrics

    jrslyrics Newbie

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    Also, they are required to send you a 1099-misc. You will use that to add the exact figures to your income. Some things to remember: Any and all expenses related to the operation of this business are tax deductable. This includes relative percentages of utilities, internet fees, computers...even the space in your house that you operate the business from! Since you're not paying quarterly taxes, you want to have all your ducks in a row regarding your deductions. The next thing that I would do is get a EIN. You can get a simple sole proprietorship and this will allow you to have a bank account in the name of the business. Very helpful for record keeping. All your deductions for your "business" will go on your form called a schedule C. It will pay to consult with a trusted tax professional. But that's the quick version.
     
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  5. darklegion

    darklegion Regular Member

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    Depending on what network you signed up with they may or may not report to the IRS how much you have earned. However, this does not mean you should not report it, you can take a chance to try and get away but I wouldn't try.

    The network will most likely send you a 1099-Misc of the amount you have earned.