Keeping Records
By ShadowWalker
@ShadowWalker (969)
United States
April 12, 2012 1:27pm CST
Hi,
This is for members from the US. I have been making a little money online for a little while now but it's never been enough that I had to file taxes for. But I've decided to turn JustBeenPaid/MyBrowserCash/PTCs into a online business. What I don't know is how to keep records for filing taxes. Can someone give me some information on this? Thanks!
ShadowWalker
2 responses
@Lucky12 (767)
• United States
12 Apr 12
Well make sure that you have to pay, because in certain places you do not have to pay unless you make a certain amount. Most of the time as an independent contractor you will pay them instead of you getting paid, because no taxes are being taken out. Um i know that paypal I think is starting to keep records and send out a forum for people that are making a lot of money.
I just heard about it I am not too sure yet on it though. You may just want to browse around and see.
@ShadowWalker (969)
• United States
13 Apr 12
It's usually if you make $600 or more you have to pay taxes. Paypal supplies a lot of information that is very useful but what I need to know is what to put on a spreadsheet so that I cover myself as far as the IRS goes. Thanks!
@rewardsinlife (1132)
• United States
12 Apr 12
That is a very interesting proposition. Anyway, it depends on how much you are going to make, what the business is..etc. Do you have your taxes done by anyone? If so, they should be able to tell you right off the bat what you will need to do to cover yourself so you don't end up with penalities and fines. If you don't have someone like this, I would recommend calling TurboTax, or another one like it and see if they can give you that information for free. Like I said, can't possibly know with the amount of information you gave, a lot depends on the earnings and the type of business it becomes. Good luck!
