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Old 10-21-2005, 12:28 PM
dennisuello dennisuello is offline
 
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Default 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.
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Old 10-21-2005, 01:41 PM
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Corriewf Corriewf is offline
 
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Quote:
Originally Posted by dennisuello
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!
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Old 10-21-2005, 03:31 PM
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Chris M Chris M is offline
 
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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
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Old 10-21-2005, 03:59 PM
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Has any one got a rough idea for us brits?

Thanks,
Mat
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Old 10-21-2005, 05:24 PM
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Chris M Chris M is offline
 
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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
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Old 10-21-2005, 05:37 PM
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Zachery Zachery is offline
 
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Quote:
Originally Posted by Nutzz
Has any one got a rough idea for us brits?

Thanks,
Mat
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
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Old 10-21-2005, 08:25 PM
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If I get over $500 dollars a year, I report it to the government. Anything less, is a donation/gift!
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Old 10-21-2005, 09:22 PM
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Quote:
Originally Posted by Chris M
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
Yeah its only a few ? every month so I think I will be OK.

Thanks Chris.

Thanks,
Mat
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Old 10-22-2005, 12:18 AM
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Quote:
Originally Posted by Chris M
However you'd be best checking that out with a lawyer...

Chris
or an accountant
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Old 10-22-2005, 12:27 AM
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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

Chris
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