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Tax Issues in NYC, USA

Discussion in 'Business & Tax Advice' started by Amirmullick3, Oct 16, 2012.

  1. Amirmullick3

    Amirmullick3 Newbie

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    Im a resident of New York, USA. I have a couple AdSense accounts, legit verified accounts that im using to make money and Im curious about how Im going to manage the tax aspect of this. Lets say for example that I make $1500 a month, so thats 20000 a year roughly, give and take. So how will I be taxed? I dont work and im 22 years old.
     
  2. GreenGoblin

    GreenGoblin BANNED BANNED

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    Hire a CPA, i mean it's gonna come down to a lot of things.

    1. Business expenses
    2. do u have kids
    3. do you claim head of house hold


    I mean a lot of things best thing to do is a hire a CPA that cheap and they can tell you better
     
  3. Cshark

    Cshark Jr. VIP Jr. VIP

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  4. Amirmullick3

    Amirmullick3 Newbie

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    Ive actually never heard of hiring a CPA but Ill look into it thanks!
     
  5. thejake

    thejake Jr. VIP Jr. VIP Premium Member

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    LOL. Anyway if you break $600 in earnings Google will send you a 1099 for each Adsense account you have. If you don't have any business organizations (LLC or corporation) you'll need to pay income taxes and FICA on your total income at whatever your individual rate is. On the plus side Block or pretty much any tax prep service can handle it and efile for you for $50-100 or so.
     
  6. solutionz

    solutionz Newbie

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    Yeah you really need to hire an accountant for this. Their are to many variables.
     
  7. La_Valette

    La_Valette Newbie

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    If you're making money, you're considered to be working for tax purposes.

    You'll have to pay taxes to both New York state and the federal government. Probably not much at that income level.
     
  8. Moneyman94

    Moneyman94 Junior Member

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    Make sure to track all expenses to deduct from your income. Get the accountant sooner rather than later.
     
  9. zebrahat

    zebrahat Elite Member

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    If you are domiciled in NY and earn as a private entity, then you are not domiciled in DC or a federal worker there, meaning (from a tax honesty perspective) you are not legally required to pay or file. The system makes it appear as if you are, due to prejudicially worded information reports and documents that track your private activity, to make it seem you are liable and subject to their jurisdiction, whether you are or not. The trick if you take the honesty path is to not facilitate creating that paper trail and tracking process as much as possible.

    If you feel you are not subject to income taxes (i.e., the IRS is not the be-all and end-all determiner as to what, or if you owe), as the path of least resistance, create multiple faux IDs and stay under the $600 earning radar per each program. You can also consider getting a foreign maildrop address and receive your payments by check.
     
  10. unclemike

    unclemike BANNED BANNED

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    You definitely need to hire a CPA. See in order to get critical advice I would recommend hiring a professional.
     
  11. Ebcompany

    Ebcompany Registered Member

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    really? hire a CPA? he's making $1500 a month....Id say save your money and do your taxes based on the 1099's that Google sends you....hell you can file a schedule C and 1040 through Turbo Tax now days that will walk you right through it.

    I mean come on guys......who in the world would want to hire and pay a CPA over $1500 a month? At least thats how I look at it.....but then again I like to keep my money and teach myself to just do it on something that is truly that simple. Tax codes are complicated, but they are not that complicated that a simple business cannot do their own schedule C etc on their income. Take the time to learn