website VS taxes ?

[domain newbie]

Hello, do i need to pay taxes for owning website and making money of it?

thanks

 

[TrafficNames]

not yet but very soon they put theire hand for internet as well but depends on type of business u running as well

 

[JonR]

Hello, do i need to pay taxes for owning website and making money of it?

thanks

Short answer: YES

It depends on how much are you are making. There is a minimum you must be earning to have to pay taxes (I want to say its $700).

If you are going to go the shady route (not really worth it in the long run IMO) and try to avoid paying taxes, one thing you must consider is your source of income. For example, if you earn money from Google AdSense, google will report your income (they write it off as an expense) and thus you are basically forced to report income on it. If you were making money in the form of individuals sending you paypal payments you may be able to get away with it, as it is basically all undocumented.

There is no statue of limitation when it comes to tax fraud. I have a friend who was doing part time contract work for individuals which he never reported, a good twenty years or so after his last job the IRS fined him heavily.

Disclaimer: I am not a lawyer, research anything you read.

 

[GT Web]

I pay taxes on all my internet and website and domain sales. Period.

 

[domain newbie]

Short answer: YES

It depends on how much are you are making. There is a minimum you must be earning to have to pay taxes (I want to say its $700).

If you are going to go the shady route (not really worth it in the long run IMO) and try to avoid paying taxes, one thing you must consider is your source of income. For example, if you earn money from Google AdSense, google will report your income (they write it off as an expense) and thus you are basically forced to report income on it. If you were making money in the form of individuals sending you paypal payments you may be able to get away with it, as it is basically all undocumented.

There is no statue of limitation when it comes to tax fraud. I have a friend who was doing part time contract work for individuals which he never reported, a good twenty years or so after his last job the IRS fined him heavily.

Disclaimer: I am not a lawyer, research anything you read.

heh, i never have paid taxes before (as never have worked in my life d
so how i need to pay ? do i need to register my sites somewhere? :blush:

 

[furca]

My dad said something about a "1099" "ten-ninety nine"

 

[JonR]

heh, i never have paid taxes before (as never have worked in my life d
so how i need to pay ? do i need to register my sites somewhere? :blush:

The IRS typically does not care what your website is. It depends on how much you make. If you are making $xx a month, $xxx a month, or $xxxx a month I would do it differently. But basically, you file it as income. Most likely, you would just file it as personal income.

If you have a tax person, just tell them what you have, and how much you have made from it.

My dad said something about a "1099" "ten-ninety nine"

I believe that is equivalent to a w-2 except it is more commonly used among temporary employees.

 

[TrafficNames]

you guys are talking about USA how about in Canada ?

 

[jberryhill]

The original poster says he lives in London, and is flying a Lithuanian flag. How anyone presumes to know the tax laws applicable to him is a complete mystery to me.

 

[Theo]

In euro.

 

[01wojtowicz]

In china all sites must be registered with the government....thats all i can say to help

 

[dotman]

what about money made from affiliate programs?

does tax apply to them?

 

[Theo]

Of course. One has to declare all income.

 

[BLazeD]

It is all website affiliate/PPC/CPM income whatsoever. You should be able to write off expenses such as server costs etc.

However, if you buy domains to resell them, then you may not have to pay tax on the profits - check if your country has a captial gains tax. Any income from parking them in the meantime would be taxable though, and the act of parking in itself could take you out of the "capital gains" bracket for that domain all together.