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#1 by proadco » Sat Jun 20, 2015 15:10

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Last edited by proadco » Sun Jul 19, 2015 09:56 » edited 3 times in total
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#2 by hyldig » Sat Jun 20, 2015 17:35

Here we would have to report it ourself as B income to the IRS . It is considerd childrens hobby . Only investment fonds / online jobs is being reported to the IRS . According to a US friend of mine it is Paypal US that reports you to the IRS , not the pages .
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#3 by S_Abbott » Sat Jun 20, 2015 21:36

It might be a good idea to review this link from the IRS.

The $400 and over "limit" in order to report is misconstrued virtually everywhere. A taxpayer, whether self-employed or doing contract labor must report all earnings from the listed on this page and its links:

Reporting Miscellaneous Income

With all the new Federal tax laws, it might be a good idea to consult a tax professional. There are CPA's and other tax professionals that are willing to give at least a free one hour consult, and the IRS itself will answer any main questions you have (without asking your name, etc.). I have pretty good luck connecting to the IRS line and getting my questions answered swiftly and concisely.

I worked in the "biz" for many years, and while I'm still up on the basics, these new laws are relatively intense and would take me much longer to go through it all.

Hope this helps and good luck.

Susy
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#4 by S_Abbott » Sat Jun 20, 2015 21:38

hyldig wrote: Here we would have to report it ourself as B income to the IRS . It is considerd childrens hobby . Only investment fonds / online jobs is being reported to the IRS . According to a US friend of mine it is Paypal US that reports you to the IRS , not the pages .

Your friend is correct in one way, PayPal will report monies in account of over $20,000 or 200 yearly payments for U.S. accounts. They report to the IRS much like banks have to during filing time.
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#5 by proadco » Sat Jun 20, 2015 21:43

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#6 by hyldig » Sat Jun 20, 2015 21:48

I am also busy studying our laws . They are tightening up here . But Ptc`s and Funny game game sites ( small potato earnings ) still is concidered childrens hobby .
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#7 by proadco » Sat Jun 20, 2015 21:58

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#8 by S_Abbott » Sat Jun 20, 2015 22:56

Since you're asking about "retained earnings" vs paid earnings, so far I have found nothing about self-employeds or contract labor.

The IRS allows for accumulated (or retained) earnings in business [to a limit] in order for those businesses to grow and prosper (using it for expansion, etc.). They call it "bona fide business purposes. For service businesses, it's approx. $150,000, for regular business, it's $250,000.

I have researched a lot this evening, and til now, find nothing regarding self-employed or contract labor reporting/not reporting "accumulated" earnings. Only earnings paid out. I'm still looking, though.

If it goes on our little part of the world as it does in most businesses: Banks only report to the IRS X amount on 1099's, therefore, they do not send us the forms, and typically we as individuals, do not report. Businesses "usually" do not report on less than $400, do not send us the forms, therefore, we do not report. But IF you read the entire publication on contract labor workers and the self-employed, the IRS actually expects you to report all earnings. They expect you to report on side businesses (lawn mowing, babysitting, shopping for the shut-ins, etc.), prizes, gambling proceeds, and just about everything else.

Again, it's a good idea to consult either a professional, or the IRS help line. The help line does not ask personally identifiable information, they will ask a few questions in order to deliver the best answer. And as I said before, they're spot on, helpful, professional, and usually get you answered quickly.

And it looks as if the U.S. Government isn't going to do anything but make it harder for its citizens, I'd really recommend a phone call. It's only going to get nastier as time goes on. :(

Ok, I've finished researching for the night, however, everything I am reading goes back to the main fact that income earned is the reporting factor. We cannot report on "future earnings" as that is intangible, however anything we have in our accounts "per year" paid or otherwise is "present earnings" and I don't see any main differentiations on if it's in your hand or in the work account.

So it's up to the individual, call those who know...or not. I'd rather not take any chances.
Last edited by S_Abbott » Sat Jun 20, 2015 23:23 » edited 1 time in total
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#9 by e_m » Sun Jun 21, 2015 04:59

If your country's law on taxation is following the accrual basis of accounting, and all the $1800.00 has been earned within the taxable year, then it should be reported as taxable income.
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#10 by valerie » Sun Jun 21, 2015 04:59

It would be dependent upon your yearly income.

For example, if all you've been paid in the entire year is $599.00, you do not need to report it.

In regards to virtual amount, that doesn't matter because you have not been paid.
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#11 by BouldRake » Sun Jun 21, 2015 07:08

The best methods of tax evasion do not involve publicly posting your intent to do so with a personally identifiable account associated with your income.
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#12 by proadco » Sun Jun 21, 2015 07:41

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#13 by The_Helper » Sun Jun 21, 2015 07:52

Your earnings become taxable only when you cashout 600$ or more per year no matter how much you've got in your balance.. I hope it's clear now.
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#14 by hyldig » Sun Jun 21, 2015 17:18

Welcome to the Cayman club Proadco . Some of your topics is very educational . You wrote you vere active at 30 pages . Keep payouts at 599 a page and below a total of 200 payouts , then you can enjoy all the money yourself . No taxes needed .
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#15 by proadco » Sun Jun 21, 2015 18:26

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#16 by proadco » Sun Jun 21, 2015 18:43

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#17 by splat44 » Mon Jun 22, 2015 12:25

Yea and that's exactly what I thought! There no payout limits as far I can see!

Another question:
Does over $600 applies to one program?
If no, then IRS might just trick you.

What I mean if we cash out over $600 from here and cash out over same amount via other program then IRS receives those reports, user might be into trouble!

TigerHeart wrote: Your earnings become taxable only when you cashout 600$ or more per year no matter how much you've got in your balance.. I hope it's clear now.
Last edited by splat44 » Mon Jun 22, 2015 12:44 » edited 1 time in total
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#18 by proadco » Mon Jun 22, 2015 14:33

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#19 by hyldig » Mon Jun 22, 2015 17:04

Negatif . I a member of 2 pages where we can transfer money between the 2 pages . That makes it possible to toggle between payout pages and keep below 600 at both pages . They got same owner but payouts come from 2 different places . So yes it is possible . The 2 pages also got 8 layers of referrals . Sorry I am not allowed to share their names , you will have to find them yourself . I think there might be similar pages existing .
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