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Author Topic: Taxes  (Read 580 times)

Offline Penguin

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Taxes
« on: January 02, 2012, 07:59:27 PM »
Don't worry, Skuzzy, this isn't political (at least I hope no trolls show up).

I've recently started to put ads on my YouTube videos, and I've earned about 0.46 USD just today.  However, I'm unsure of how to report this on my or parents' taxes.  I know, I know, it's like finding change on the sidewalk, but this could get bigger as time goes on, and I don't want to be an accidental tax evader.  So, when and how do I start reporting my earnings and sending a few of the pennies I've earned off?  I plan to send the money off to charity (MSF) as soon as the sending efficiency (the amount of money divided by the cost of sending it) reaches 95% if by mail or each time it gets to me if electronically.  I sound ignorant because I am ignorant, and your help would be appreciated. :)

-Penguin
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Offline M0nkey_Man

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Re: Taxes
« Reply #1 on: January 02, 2012, 08:04:36 PM »
+1 for being responsible
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Offline Penguin

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Re: Taxes
« Reply #2 on: January 02, 2012, 08:08:57 PM »
Thank-you!  But I still need help figuring this stuff out.  The tax code is a finely-tuned machine with some heavy and fast moving componenets that my rear-end would not like being attached to.

-Penguin
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Offline PFactorDave

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Re: Taxes
« Reply #3 on: January 02, 2012, 08:13:36 PM »
You don't have to report it until you reach a certain threshold.  I can't recall what it is at the moment, maybe $750.  Somebody will probably know, and chime in soon.
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Rolling Thunder

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Re: Taxes
« Reply #4 on: January 02, 2012, 08:15:19 PM »
Phew!  I don't think it'll ever get to that point.

-Penguin
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Offline F22RaptorDude

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Re: Taxes
« Reply #5 on: January 02, 2012, 08:16:14 PM »
Google came to me a few months ago, i'm up to 90 bucks :D
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Offline Penguin

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Re: Taxes
« Reply #6 on: January 02, 2012, 08:17:22 PM »
Uh-oh, perhaps taking care of this is more EDIT: imminent than I expected.

-Penguin
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Offline Tupac

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Re: Taxes
« Reply #7 on: January 02, 2012, 08:18:05 PM »
Dont bend to the man! Viva ad free youtube videos!
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Offline PFactorDave

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Re: Taxes
« Reply #8 on: January 02, 2012, 08:21:13 PM »
Looked up for you...  A dependant does not have to report income until it is $950 or more in a year.
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Offline Penguin

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Re: Taxes
« Reply #9 on: January 02, 2012, 08:25:12 PM »
@Tupac Oh no, I'm pure evil, you see.  I love to watch people's irritated reactions to ads, I get such a kick knowing that I'm making them suffer.  And when the pressure comes, I move with the herd of my fellow bubble-wrapped sheeple for safety and buckle like a lawn chair.  'Cuz, that's the way, uh-huh-uh-huh, I like it! :P

Thanks PFactor, I'll remember that.

-Penguin
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Offline Seanaldinho

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Re: Taxes
« Reply #10 on: January 02, 2012, 08:31:50 PM »
Cant you claim non-profit? Then you dont have to pay the taxes do you?
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Offline Penguin

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Re: Taxes
« Reply #11 on: January 02, 2012, 08:32:41 PM »
Like PFactor said, it'll be a long time before I even need to think about stuff like that.

-Penguin
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Offline Vudu15

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Re: Taxes
« Reply #12 on: January 02, 2012, 09:29:40 PM »
I dont think Ill allow ads on my vids just because I know how annoying they are....ever.
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Offline Dichotomy

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Re: Taxes
« Reply #13 on: January 02, 2012, 09:44:18 PM »
Quote from: Penguin on January 02, 2012, 08:25:12 PM
I'm pure evil

Impossible. 

That'd be me.  It's in my sig
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Offline MK-84

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Re: Taxes
« Reply #14 on: January 03, 2012, 03:56:19 AM »
It's far more complicated than "making a certain amount" Are you a business for example?
Props for looking into doing it legit though :salute
I would suggest not worrying about it at all until you make something that breaches the triple digits, if it's in a month, you need to look into this, if it's in a year you need to look into this, if you are employed legally to some degree.
You may PM me if you want exact numbers, but it may(probably) matter on your state as well.
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