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Need info/advices about taxes ?

Discussion in 'Business & Tax Advice' started by dave18k, Nov 23, 2016.

  1. dave18k

    dave18k Junior Member

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    Hey there,

    Im searching information online on how to declare my online revenues and couldnt find anything that specifies on what I do.

    Im from Quebec, Canada by the way.

    From January 1st 2016 to now (November 23rd) i've made $74K USD from content locking (CPAGrip).

    What would be my best way to declare this money? Im getting paid on my PayPal.

    I planned to call H&R Block tomorrow so they can make it clear for me on this, but I still need advice from people who are in the same game as me ! I dont want to get in trouble and have no intentions to hide money at all, I better stay safe after all.


    Thanks a lot,

    Dave.
     
  2. stebenjames

    stebenjames Junior Member

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    Hope you haven't spent it all. Most of that sun will go to TAX
     
  3. dave18k

    dave18k Junior Member

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    Of course I did not spend it all, I played it smart because I knew this day would come.

    I still have a 7,9K USD balance to be paid on CPAGrip and 33,500 USD on my PP.
     
  4. void957

    void957 Regular Member

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    You're keeping 33K on PayPal?
     
  5. dave18k

    dave18k Junior Member

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    Yeah, I transfert a certain amount every week for my living.

    You think this is highly risked ? I should tranfert the majority to my bank account ?
     
  6. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    Wonder if H&R Block answered your questions, if all your revenues came through paypal then there should be no issues related to paying any taxes.
    A couple questions I would ask are:

    1) Is this being run though a corporation?

    If so you would have to record those revenues inside the corporation & the corporation would be subject to tax at the corporate level which is around 15% of your net income.

    If you are running a sole proprietorship then you would include this income in your personal income tax return. Be aware that any expenses you have related to the operation of you CPA network would still be deductible against this income.

    2) Are you properly recording your expenses which relate to your business / sole proprietorship?


    This would be dependent on how you are operating your business, you might have to include it in your personal income if this was not done though a corporation.
     
  7. Purush

    Purush Jr. VIP Jr. VIP

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    It has to be declared as personal income by profession and need to the pay the tax accordingly.
     
  8. Cratos

    Cratos Jr. VIP Jr. VIP Premium Member

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    dont go with hnr block man lol their a bunch of idiots
     
  9. dave18k

    dave18k Junior Member

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    1: Nope. I recently registered as a sole prop. Thats a good thing to know that stuff related to my work is deductible such as hosting costs, seo costs etc. But since I registered recently the expenses I made before that will not count I suppose ?

    2: All transactions are made via paypal, so I think I can take out the payment proof but like I said the expenses were made before I register myself.

    Thanks.

    Nah lol I didnt contacted them finally I just found out a good CPA (chartered professional accountant).
     
  10. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    No any expenses you had prior to that would still be deductible as long as you have a receipt there should be no issue. Everything should be track able in paypal then so you shouldn't have any issues as long as you don't have personal expenses in the same account.
     
  11. joeb1ow

    joeb1ow Regular Member

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    I would keep more in the bank to give paypal the lowest amount possible to take if anything were to go wrong.
    You can link a debit or credit card that will always keep you paypal funded even with $0.
     
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  12. dave18k

    dave18k Junior Member

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    Well I bought some stuff from eBay with my PayPal, why does it matter ? its not a business account and im not a business so I dont see why this could be a problem ?
    Can you explain it to me ? I still can take out the transactions linked to my CPA expenses like I stated in my other post.
     
  13. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    Makes it a bit tougher to go through your transactions in order to account your true expenses which you could deduct when filing your taxes, you will manually have to go through your payments and figure out which ones would be deductible then. It's not that big of a deal really, just more work for you to do.