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

Tax forms, underaged, problems, etc.

Discussion in 'CPA' started by gbmack, May 30, 2009.

  1. gbmack

    gbmack Power Member

    Joined:
    Apr 19, 2009
    Messages:
    705
    Likes Received:
    686
    I'm only 14, and I want to get accepted into clickbank. My question is, will Clickbank ask for some w-9 tax form? I live in the U.S. by the way. If clickbank does ask for one, I'm screwed. Or do they not?

    EDIT:
    and let's pretend im making $100 a day from clickbank (i probably won't), but let's pretend that's happening right now, and $3000 is going into my bank account each month. would the IRS or something bust me for not paying taxes? I'm not an expert in this area.
     
    Last edited: May 30, 2009
  2. springer98

    springer98 Regular Member

    Joined:
    Dec 6, 2008
    Messages:
    211
    Likes Received:
    250
    Occupation:
    We doeneeeeed no stinkin' yob!
    Location:
    ZRF
    Why do you think you'd be screwed if they ask for a W-9? (BTW, they will.)

    But, I don't see any place on the CB site, or on the W-9 form that asks about your age or D.O.B. As long as you have a SSN, file an income tax return and pay any taxes due, what's the big deal?
     
  3. bizcredit

    bizcredit Power Member

    Joined:
    Apr 1, 2008
    Messages:
    678
    Likes Received:
    253
    Occupation:
    blackhat
    Location:
    usa
    Home Page:
    Why would you not pay taxes? No matter what age you are, you owe taxes. Your best bet is to find out your social security number, fill out the w-9. they will not know your age from that. And when tax time comes around save some cash for an accountant and then tell your parents how much you made and that you need your taxes done.
     
  4. loclhero

    loclhero Supreme Member

    Joined:
    Jun 11, 2007
    Messages:
    1,453
    Likes Received:
    2,413
    Gender:
    Male
    Location:
    Copperhead Road
    Any affiliate is going to ask for a w-9 at some point. If you have a social security number which I'm sure you do, that's all you need. You fill out the w-9 (which you can download from the irs website or the affiliate will email you), you put in all your correct info, name, address etc, and you ss#. You fax it back.

    If you make over $600/year, you will have your earnings reported to the IRS from the affiliate. If you don't, they won't.

    Now, I'm not sure how certain things work with someone your age but YOUR job is to not screw yourself over which means you set aside 40% yes, 40% of your earnings into a bank account that you DO NOT TOUCH. Why so much? Because, more than likely when you file your taxes on April 15 you will have more in that account than you need. Keep in mind that at a regular job, you have social security and other taxes deducted from your check. But you are only paying half. Your employer pays the other half. If you are self employed, YOU pay it all. And that comes out to about 15% of your earnings right off the top. These are what's called payroll tax. The other 25% you will save will go towards your income tax at the end of the year. More than likely you will not need all of that and you'll have some left over.

    Also, if you are earning any sort of substantial amount of money you are going to be required to send part of that money that you set aside to the IRS every 3 months. This is your self employment tax and is actually included in that part I mentioned above. Let's put it this way: Let's say Joe has a regular job, works in a warehouse. He makes $30k a year. Every week he gets his check and every week his employer takes out federal tax, state tax, FICA (social security) etc and they send that money to the govt. When you are self employed, YOU are required to send that money in. The important thing to remember is that if you are earning enough money, the govt wants SOME of it every 3 months.

    Sorry this was so long but my point is since you're 14, learn how to save your money now. Anything you make, set aside enough to cover yourself in case you need it.

    Forgot to mention this, every year, almost everyone who does their taxes and gets a refund runs around saying, "Oooohh!!!! I got a big refund this year! I'm getting $500 back!!!" (or $1000 or $3000 or whatever the case may be). Well guess what? These stupid fucktards cannot understand the SIMPLE FACT that the money they are getting back as a refund, has been sitting in a government bank account all year and has earned them (the taxpayer) ZERO interest. They basically loaned the government that money for a year for free. But nobody seems to get this. If you are working for someone else, the goal is to figure out how much your employer should take out every check so that on April 15th you owe ZERO or you get back ZERO. In the case of a self employed individual like yourself, you want to make sure you've had any money you might owe on April 15, sitting in your bank account earning interest. (And ain't we earning gobs of it these days :rolleyes:)
     
    • Thanks Thanks x 1
    Last edited: May 30, 2009
  5. gbmack

    gbmack Power Member

    Joined:
    Apr 19, 2009
    Messages:
    705
    Likes Received:
    686
    So... to sum this all up, it doesn't matter what age I am, my parents can do those taxes for me, and I have to pay them every 3 months because I would be self-employed. is that correct?
     
  6. springer98

    springer98 Regular Member

    Joined:
    Dec 6, 2008
    Messages:
    211
    Likes Received:
    250
    Occupation:
    We doeneeeeed no stinkin' yob!
    Location:
    ZRF
    Pretty much :cool:
     
  7. gbmack

    gbmack Power Member

    Joined:
    Apr 19, 2009
    Messages:
    705
    Likes Received:
    686
    Awesome. thanks for the help guys. BHW is awesome.