Understanding Taxes for Self-Employed YouTubers

1. I'm doing taxes online with Turbotax freedom edition. If my network didn't send a 1099-Misc and just told me to look at my paypal for earnings, do I only fill out the "Business Income and Expenses (Sch C)" part for income?

2. That part also asks: "Enter a brief description of your principal business or profession." What would I put as my profession?

3. Also "Business Name" would I put my channel name?
 
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phoenixblue said:
I'm doing taxes online with Turbotax freedom edition. If my network didn't send a 1099-Misc and just told me to look at my paypal for earnings, do I only fill out the "Business Income and Expenses (Sch C)" part for income?

That part also asks: "Enter a brief description of your principal business or profession." What would I put as my profession?

Also "Business Name" would I put my channel name?
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If you don't have a legally registered business (an LLC, Corporation, Incorporated, etc.), then don't put a business name. For your profession - anything you like. You can say YouTuber, Videographer, Filmmaker ... whatever floats your boat.

As for the 1099 income, there should be something there for self-employment (I forget what it's called ... my accountant does my taxes for me).
 
Kleineganz said:
If you don't have a legally registered business (an LLC, Corporation, Incorporated, etc.), then don't put a business name. For your profession - anything you like. You can say YouTuber, Videographer, Filmmaker ... whatever floats your boat.

As for the 1099 income, there should be something there for self-employment (I forget what it's called ... my accountant does my taxes for me).
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Thanks. If I also made some money from another website (adfly, which is like a link shortener and when ppl click your link, they see an ad you get some money), do I also have to report those earnings even though that isn't related to my youtube/business earnings?
 
phoenixblue said:
Thanks. If I also made some money from another website (adfly, which is like a link shortener and when ppl click your link, they see an ad you get some money), do I also have to report those earnings even though that isn't related to my youtube/business earnings?
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Legally, you have to report all earnings.
 
My partnership told me they don't send you anything. You have to go through Paypal for all tax info since they transfer they money to paypal. Great article.
 
LifeAsJenny said:
My partnership told me they don't send you anything. You have to go through Paypal for all tax info since they transfer they money to paypal. Great article.
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A lot of these networks are run by people who honestly don't know how to run a business. Legally they are obligated to send a 1099-Misc to anyone who has earned more than $600 from them in a calendar year. The PayPal tax info is technically not enough. I've been running my own consulting business for over 5 years and it's a mistake I nearly made when I first started working with subcontractors.

http://www.irs.gov/instructions/i1099msc/ar02.html#d0e900
 
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