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Will I have to pay tax?

Discussion in 'Business & Tax Advice' started by Minchalop, Oct 18, 2014.

  1. Minchalop

    Minchalop Newbie

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  2. Trepanated

    Trepanated Supreme Member

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    Is the money being donated to you personally, or to a company you own?

    And what do you use the money for?
     
  3. Minchalop

    Minchalop Newbie

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    Its being donated to me personally, I don't own any business.

    And, I am going to be using the money to pay an app developer, advertising, and other expenses that might come up.
     
  4. Trepanated

    Trepanated Supreme Member

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    It would most likely be considered as taxable income. I say 'most likely' because it could possibly be considered a gift, depending on the circumstances.

    Having said that, if it is all being used for business expenses, you may not end up paying any tax.

    You should speak to an accountant though, especially as you are not talking about small donations and they appear to be ongoing.
     
  5. kypso

    kypso Junior Member

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    Donations are also a source of income and depending on where you are living you will have to pay taxes on this income.

    K.