Do I have to pay taxes on mylot pennies?

No you only have to pay taxes on it if you get $500 or more per year. I wouldn't worry about it! You'll be fine! Enjoy your mylot knowing you don't have to worry about taxes.

Yes. We are considered independent contractors and no taxes are taking out of the money you earn. However, I doubt you make enough for this to be taken into consideration. Most of myLots members are stay at home moms that don't earn enough money to file.

I don't know what the others said but I don't think you do unless you make a certain amount per year to have to do so I think it is like $600 maybe not sure but I hope others will be of more help them I could. I haven't turned in any money I have made on Mylot on my taxes.

Although it is unlikely that myLot will report your myLot pennies to the IRS unless you make over the limit, all earnings combined are taxable so if you have any other income, then you probably want to get legitimate information on whether you need to report the online earnings or not and if so, how to report. Unless your myLot friends are tax professions, I would be reluctant to take their advice here, just as I would not pretend to give you tax advice. For myself, though, since I do have other income, I do report my myLot pennies, but I also deduct appropriate expenses, such as the cost of my tax reporting software and a few office supplies specific to myLotting.

I don't know, when I hired contracters I didn't have to 1099 them unless they made something like $600 or more in a tax year. I'm responding by email so maybe someone that's been here more than a year will know. Great question though!

hey, well i don think that we are obliged to pay any tax unless if we have reach a high amount of income... so, don worry and enjoy posting ;) smiley,

I doubt if you will have to pay any taxes on the funds that you get from here. United States tax law states that any money made online over the amount of $650 in any calendar year is taxable. I know that this is possible here in MyLot, but very improbable lol. So you don't have to worry, unless you get a huge influx of active referrals, or start and respond to discussions day and night, I seriously doubt you will hit that mark before the end of 2008 lol.

I will be reporting all the income I made on the internet. Although, since you don't have to give your social security number, I don't think you're obligated to report the income since myLot doesn't. But you did make the income and you did take advantage of the libraries, freeways, streets, post offices and traffic lights in your daily life and there's a price for that. I hate taxes, only because they are excessive. But I'll continue to pay as I should until I can finally get people elected who have some common sense and some financial savvy.

I think all companies including the ones based on the wed should pay taxes. So I'm pretty sure that whatever revenue they get from the site will be reported to the government. Haha this was a totally random question. I never worry about tax. i hate the tax season. it's the last thing I'd want to think of especially when I have Christmas to look forward to. :)

if you get paid via paypal they are now keeping track of people that make like more than 500 a year and i think they turn them in to get taxed but nothing if you make less.. if you are getting paid elsewhere i dont think they do

the IRS required that you report all income and this may be to your advantage if you kept a time log of your computer time used to earn that money, also any other expenses. All such records must be kept in writing just in case you are audited, but if you earned as little as I did you might have a business loos to count against your taxable income. This really need to be investigated because if you don't know enough to complete your own taxes the preparations fees will far out weight the savings. Clear as mud, right, but that's the IRS State taxes may also come into play. Mylot will not report your earning until you receive $600.00. That amount may have changed for 08 taxes. You can look this up on the Internet, call it minimum income reported to the IRS by employers. The form is a 1099

Every earning is taxable. the limits and percentage depends on the country in which you live in. But i don't think many mind about that if they are looking at this as just an extra money earning option. If they earn lots of money online then they need to be careful.

Well a good rule of thumb for the good ole IRS is if you make money they want to know. Even if its only pennies. They require you to report 100% of your income. Funny how they want to know how much you make down to the penny but when you do your return you round up or down accordingly. If your still unsure I would call the IRS and wade through there mountains of red tape to speak to someone that would know how you would go about claiming it.