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THOUGHTS ON THIS "BUSINESS" MODEL? - MAKES ABOUT $200-$400 WEEKLY

Discussion in 'Business & Tax Advice' started by Ertu15, Jan 29, 2017.

  1. Ertu15

    Ertu15 Newbie

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    Hello All. i wanted to share my "business" with you all and get your thoughts on it. Basically its an app (i wont mention the name) where i make steady money from ($200-$400/week) and it took me about a year to form this "business" and put everything together. App allows only one phone # per account (sends you a verification code to set up your account) but i have about 400 accounts on it now from asking my friends/family/anyone i could and used their #s to verify other accounts. What do you guys think? Thanks. If you have any questions i can answer them.
     
  2. The Magician

    The Magician Jr. VIP Jr. VIP

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    Why does it matter if it's considered a business?

    Would you stop doing it if some people here told you it wasn't a business?
     
  3. Ertu15

    Ertu15 Newbie

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    no :)
     
  4. Zho999

    Zho999 Newbie

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    If I were you, I would try to avoid the business label as long as possible.

    Keep the taxes low as possible for as long as possible...Being an official business just leaves you vulnerable to more ways to be taxed.
     
  5. Ertu15

    Ertu15 Newbie

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    Agreed :)
     
  6. gtull2

    gtull2 Power Member

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    Maybe I'm an idiot but what the hell is your business?
     
  7. waraffiliate

    waraffiliate Registered Member

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    It's more of verifying social media accounts?
     
  8. Ertu15

    Ertu15 Newbie

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    its an app where you watch ads and every ad you watch you get a "credit". about 10-12 credits per day. then these credits get turned into real money. so daily about 15-20 cents per account. takes about 6 minutes per account per day to watch all ads. :)

    @gtull2 @waraffiliate
     
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  9. gtull2

    gtull2 Power Member

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    Now we're on the same page. Thanks.

    So you are basically getting paid to watch ads, but instead of watching 1 ad at a time on your phone you are "tricking" the advertiser by also watching it on many phones via your app, at the same time. Sounds right? So the advertiser thinks that they are paying 400 people to watch their ads. In reality they are paying one kid that has tricked the system? Sounds right?

    Now you want to know how this business model sounds to me? I think you are highly intelligent and should use that above average intelligence to create value and make a hell of a lot more than lunch money every week.

    But that's just my opinion. Good luck op!
     
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  10. Ertu15

    Ertu15 Newbie

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    you are smarter than me you got it :)

    im in school thats good money for now :). haha

    Thanks
     
  11. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    Are you recording the $200-$400/week as income personally or are you not including it at all for tax purposes? Also where are you from?
     
  12. Jason Bradbury

    Jason Bradbury Power Member

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    Basically yeah.
     
  13. Ertu15

    Ertu15 Newbie

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    Im from canada. I m thinking about including it what do you think?
     
  14. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    Well you don't need a corporation or business to operate so that's good.. How are you getting these funds to yourself? If you ever get audited and you're not reporting this income to CRA you will be reassessed income & they will tack compounded interest on top of it also.