Google AdSense & Taxes

[lpxxfaintxx]

Hi,

I have just been reinstated to Google Adsense, and this time I am going to take it seriously. I am underage, but I have a website making over $600 a year. Even though I am under 18 years old, do I still have to pay taxes to the IRS? My parents are well aware of my website(s) and set up banking accounts, SSN, and all that stuff. I have full permission from my parents to participate in the Google Adsense program, buy domains, buy hosting, etc.. The checks from Google are currently being sent in my name, and my info (reminder: I'm not 18 yet). The bank has no trouble successfully adding the funds to my account.

Anyways, I've read that if you make over $600 a year, you must pay income tax. I have loads of question about this... What will their reactions be when they recieve taxes from a 14/15/16 year old? Is it against the law for a minor to have a "business?" Will they do anything about it? Does Google send 1099 forms? Anything important I should know?

AHH! My head is about to explode. Please, fill me up on the necessary info.

Thanks.

 

[ashbernie311]

whateverlife.com

 

[Zinc]

whateverlife.com

September 2006 - Top teen sites with vistors in the 12-17 year old range.
PLyrics.com 68.4%
Snapvine 67.6%
*WhateverLife.com 60.6%*
FQuickKwiz 58.8%
PureVolume 58.2%
MyYearbook 57.0%
SparkNotes.com 55.4%
One True Media 55.3%
DiscoverClips 55.3%
Poqbum.com 55.2%

Great achievement Ash, good luck for the future.

 

[ashbernie311]

Thank you so much :D

 

[Davey Crockett]

Sorry to hear that circa1850..The IRS can suck sometimes. Let that be a lesson to keep all of your receipts handy or in one place so you know where to look!

 

[labrocca]

Here in the US, I have been filing returns since the age of 13. Taxes are not age bias

I think you still have to file because the 1099 (or equivelent form) uses your social or TIN or whatever ID number to show they paid you (or at least they should have).

Dang..you beat me by one year.

Yes you are suppose to file. It's fairly easy. I recommend you use turbotax for home business and it's as easy as filling in a questionaire. I suggest you file just so you learn how and begin the process. You most likely won't owe a dime. You can even still allow your parents to claim you as a dependent.

 

[-REECE-]

If I was under 14 and in Canada, I wouldn't even bother filing. The sentences we give to children that murder are so lame (like 6 months community service here in Manitoba), might as well just evade the taxes and save a few bucks. Not a good idea to continue that through life but I sure as hell wouldn't pay taxes if under 14 here.

 

[DNQuest.com]

And the sad part is my freakish weird dad kept filing the long form so I could itemize my 20 per yar church donations.