making some $$$, what's the tax situation?
 

I've set up a subscription on my site, and it already pays for hosting and forum software, but there's some extra profit. Has anyone claimed this on their taxes? This was started as my personal site, but grew to over 250 members in the past 8 months.

Unless a gift exceeds $9,999.00 it doesnt have to be claimed.......


They are all gifts! :rolleyes:

Depends where you are in the world as to what you have to declare ;)

Not sure of American laws but you may want to get legal counsel to make sure you aren't breaking any laws at all...

Chris

Has any one got a rough idea for us brits?

Thanks,
Mat

As far as I am aware there are no restrictions as long as you are not a profit-making business...

If you are a freelance coder/designer or independent individual making a small profit then there is nothing they can do, afaik - However you'd be best checking that out with a lawyer...

Chris

Int he US, did you make more than 600 dollars? Generally if not then you can probally ignore it and not worry about it too much. The income I take in from my boards totals way less than 600 a year. Adsense might pay me out 100~ dollars for the whole year, I see it as a nice christmas bonus :D

If I get over $500 dollars a year, I report it to the government. Anything less, is a donation/gift!

Yeah its only a few ? every month so I think I will be OK.

Thanks Chris.

Thanks,
Mat

or an accountant ;)

I don't trust them as far as I could throw them; Lawyers are obligated to tell you the law else they can get in bad trouble for lieing to you and causing you to break it - Accountants are dodgy people ;)

NB: This is the opinion of me, not Jelsoft Enterprises or vBulletin.org - If you are an Accountant, please do not take offence to the dodgyness of your law-bending :D

Chris