Tax Season

blackroseivy

Yes, I must bite the bullet soon, I fear! Things are complicated for me because I am disabled - my money goes up & down dependent upon what I make, which is of course different every month!! :( :( :(

How are others faring when it comes to the taxable-income side of life as a professional?
 

Sulis

I don't make enough from readings to pay any tax on my earnings :)
 

Umbrae

Cash is invisible.
 

starrystarrynight

Umbrae said:
Cash is invisible.
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True 'dat...but if you do online readings and get paid through Paypal or other payment services, you have to declare. There is a certain cut-off amount to where you have to start estimating and paying quarterly as a self-employed individual (I don't know what the figure is offhand--your accountant, if you have one, would know, or you could probably easily find out online). If you make less than that per year, you still have to declare, file and maybe pay taxes on it, but you don't have to estimate quarterly.

*Disclaimer: I'm not an accountant, nor do I play one on television...just recalling this stuff from personal experience, keeping in mind that the lovely people at the tax department change the rules every year, anyway.
 

Alpha-Omega

starrystarrynight said:
True 'dat...but if you do online readings and get paid through Paypal or other payment services, you have to declare. There is a certain cut-off amount to where you have to start estimating and paying quarterly as a self-employed individual (I don't know what the figure is offhand--your accountant, if you have one, would know, or you could probably easily find out online). If you make less than that per year, you still have to declare, file and maybe pay taxes on it, but you don't have to estimate quarterly.

*Disclaimer: I'm not an accountant, nor do I play one on television...just recalling this stuff from personal experience, keeping in mind that the lovely people at the tax department change the rules every year, anyway.
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(For people in the USA)
You could declare them as a Gift/Donation cause in the USA if a Gift is over 10,000 then you declare it. This is what I have been told.
 

blackroseivy

I won't have to pay anything, no... But it is complicated for me because I am disabled. :(
 

April

Alpha-Omega said:
(For people in the USA)
You could declare them as a Gift/Donation cause in the USA if a Gift is over 10,000 then you declare it. This is what I have been told.
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I think we should all be very careful about threads like this. We aren't tax professionals. For instance, I think the above is way over simplified. I don't think you can count it as a donation unless you are actually a "church" or a "charity". And just ordaining yourself online isn't enough because you actually have to have a "congregation" of a certain number of people. I don't know how a gift works but I'm sure it's not just as simple as saying it's a gift. Especially if the IRS notices that your getting several of these "gifts" a year.

Again, I don't have a clue really, but the IRS does and they ain't f-ing around. I like the book Professional Tarot, but that doesn't even begin to cover all of the rules. I say if you're unsure about ANYTHING, take it to a professional.

Peace,
April
 

blackroseivy

I absolutely agree with this!
 

blackroseivy

Also: on the forum, when you posted, the thread blurb read "Tax Season by April"!! teeheehee :D
 

Alpha-Omega

April said:
I think we should all be very careful about threads like this. We aren't tax professionals. For instance, I think the above is way over simplified. I don't think you can count it as a donation unless you are actually a "church" or a "charity". And just ordaining yourself online isn't enough because you actually have to have a "congregation" of a certain number of people. I don't know how a gift works but I'm sure it's not just as simple as saying it's a gift. Especially if the IRS notices that your getting several of these "gifts" a year.

Again, I don't have a clue really, but the IRS does and they ain't f-ing around. I like the book Professional Tarot, but that doesn't even begin to cover all of the rules. I say if you're unsure about ANYTHING, take it to a professional.

Peace,
April
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Well I am not a Tax Professional but that is what I was told. If someone gives you a Gift 10,000 and mover you have to tell the IRS. If its Under than your safe. But of course check with a tax advisor. I have 'Professional Tarot"
I like it alot, its got good tips.
 
way shower Jeffrey Deaver novel & Tarot