Taxes..

[.jd.]

I need help in with taxes... I have made 700$ this month, and need to report it. Faster I pay, faster I can spend.. anybody know the forms I need to fill out?

I live in the United States,Texas.. If that helps?

 

[Domagon]

Did you earn any other monies this year from domaining?

If your total earnings from such business is relatively small, such as a few thousand dollars over the course of an entire year, then it may be easiest to simply report it as miscellaneous income when tax time rolls around...

On a related note, if you currently have a paying job (your profile indicates you're 16), have them increase your withholding slightly - that could save you some grief later, if your miscellaneous earnings from your business exceeds the threshold for making estimated quarterly tax payments.

Ron

 

[.jd.]

I no longer have a day time job, due to me opening this business. The 700$ is just this month, im expecting twice that this august.. How should I go about this?

 

[Domagon]

If most of your earnings are from domain parking, affiliate programs, etc then it's likely regular income ...

Unless your income exceeds a few thousand (I'm assuming you had no job the entire year), it may turn out you owe little to no tax; regardless you would likely still need to file annual federal, state, and local tax returns come April.

If your total annual earnings are under several thousand, then using a tax preparer come tax time may be adequate.

Otherwise, if your total annual earnings exceed several thousand (or you truly feel it will), then you should seek some assistance from an accountant or at minimum someone (perhaps your parents / their friends) who has already established a business in your area...

At minimum, you will likely need to get a business license (cost typically nominal) and potentially make quarterly estimated tax payments - it's not the end of the world if you don't, when first starting out, but you may end up having to pay a bit extra in interest and potentially some smallish penalties come tax time.

Ron

 

[Broker]

www.domaintaxguide.com

 

[.jd.]

thanks so much rob

 

[DNhub]

Thanks Rob!, now I only need $79..

 

[.jd.]

I was thinking the same thing.. Rob have you used this before?