Taxes?
@rewardsinlife (1132)
United States
April 25, 2012 8:25pm CST
I just started mylot about 2 weeks ago, and now I am getting into a rhythm and think I will be earning quite a bit more money. Question is, on some sites there is a 'threshold' where it reports to taxes...or you have to report it after so much money is earned. Is there one here for mylot?
4 responses
@PVanne (29)
• United States
26 Apr 12
Also, if your profits were 'substantial' from any source not necessarily here, you can temporarily bypass or lessen taxes by diverting funds into a trust or Limmited liability company. With your LLC you can make up 'expenses' to counteract taxes as well ;-)
@Aayushman (32)
•
27 Apr 12
I actually dont know the answer but i think in mylot you dont have to pay tax till you are a small earner. Whem you start to earn bigger money then you should pay the tax in my view.
@randylovesdar (4932)
• United States
26 Apr 12
In Nevada if you hit 600.00 or more then you fill out a 1099 form. I have never hit 600.00 so I never had to file one. I have never heard of a threshold on mylot. I would check with the state you live in and ask them because each state is different.
@TeamCholent (2832)
• United States
27 Apr 12
In the US you are responsible for reporting all income earned even online but if you are earning $20/year for example from here you really have nothing to worry about. I believe you have to earn $600/year on a site to be required to fill in the correct forms for taxation.
