Would you have to file income taxes or property taxes if you make money from blogging?
2007-11-21 19:48:41 · 8 answers · asked by Henry T 1 in Business & Finance ➔ Taxes ➔ United States
And are underage (under 18)
2007-11-21 19:49:09 · update #1
What if I'm just making money from blogging and they pay me through paypal?
2007-11-21 19:52:22 · update #2
When I do file taxes, what forms would I have to file?
2007-11-21 19:58:48 · update #3
Yes, Everyone is required to pay taxes on income. If you do not make enough to file then you can claim exemption from filling though. It all depends on the amount of income you have made.
2007-11-21 19:53:06 · answer #1 · answered by wayne 4 · 1⤊ 3⤋
Yes you do, if you make enough to be required to file - it has nothing to do with how old you are.
If no taxes are being taken out, and I assume they aren't for that type of job, you have to file if you made over $399 for the year.
You'll show your income and any associated deductible expenses on a schedule C or probably C-EZ, use a schedule SE to calculate self employment tax for social security and medicare, and the numbers from the bottom of both of the schedules will transfer to a form 1040.
Self-employment tax will be about 15% of what you make. If you make over $5350 for the year, there will be income tax also. The amount will depend on your total income.
Don't forget your state - you might owe some income tax to them also, and depending on where you live, there might be a local income tax.
2007-11-22 02:05:13 · answer #2 · answered by Judy 7 · 3⤊ 0⤋
The requirement to pay taxes is based upon your income, NOT your age. Your age may affect your tax liability but if your income exceeds the filing requirement amount you must file and pay.
Since you are a dependent of another taxpayer you must file if your income from wages exceeds $5,350 in 2007. If you're making money from blogging, that would be considered self-employment and you must file and pay if your income exceeds $400 in any tax year.
See IRS Pub 501 for further information.
2007-11-21 20:18:10 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
were any taxes taken out of the money you received? If so you should file to recover any money owed to you. If not check to see if your income level exceeds the minimum requirement for filing.
2007-11-21 19:52:40 · answer #4 · answered by bymyshoes 2 · 0⤊ 0⤋
i started filing taxes as soon as i started working at 15. thats just me though.
2007-11-21 19:54:35 · answer #5 · answered by Morgan D 2 · 2⤊ 0⤋
You don't do taxes until your 18. I made money from babysitting since I was 10. But you don't file till your 18.
2007-11-21 19:50:47 · answer #6 · answered by Kate 2 · 0⤊ 5⤋
Nope, enjoy the money you have earned and at 18 start giving what is due to caesar.
2007-11-21 19:53:31 · answer #7 · answered by PrivateEye 2 · 0⤊ 5⤋
It depends if your parents claim you as a dependant or not.
2007-11-21 20:15:26 · answer #8 · answered by Sofia is here!!!! 3 · 0⤊ 3⤋