Hello
I have several tax related questions, wondering if anyone can help:
1. If I make money through Internet marketing & then invest that money in the stock market and loose it all - am I liable to pay taxes on the income made in Internet marketing ? Next, assuming, the answer to the first question is no, do I need to at least report that income to the IRS ? Or I don't report it until I'm obligated to pay?
On a similar note, what if I invest the $$ in developing a piece of software instead of the stock market?
2. Do I have to pay (or report) taxes on money made through IM before I withdraw the money from my PayPal account to my bank account? If the answer to that is yes, what if my PayPal account is locked for 180 days - do I still need to pay / report that income?
I am from the USA
Thanks
I have several tax related questions, wondering if anyone can help:
1. If I make money through Internet marketing & then invest that money in the stock market and loose it all - am I liable to pay taxes on the income made in Internet marketing ? Next, assuming, the answer to the first question is no, do I need to at least report that income to the IRS ? Or I don't report it until I'm obligated to pay?
On a similar note, what if I invest the $$ in developing a piece of software instead of the stock market?
2. Do I have to pay (or report) taxes on money made through IM before I withdraw the money from my PayPal account to my bank account? If the answer to that is yes, what if my PayPal account is locked for 180 days - do I still need to pay / report that income?
I am from the USA
Thanks