Your YouTube Income is Taxable

Kleineganz

Kleineganz

Opinionated Vlogger and Gamer
I don't know if everyone on this site is aware of this, but your YouTube income is taxable. I hope you're all keeping good records because I'm sure YouTube/Google and/or your network certainly is. When you sign your contract (or sign up with AdSense) you have to complete a W9 tax form (this is for the US ... not sure how it works in other countries). Technically that makes you a 1099 contractor (self-employed), and you will owe income tax, payroll tax and "self-employment" tax on the money you earn. If you earn more than $25,000/year, you will have to start paying those taxes in quarterly estimated tax payments, which may or may not get partially refunded in April.

This has been a public-service announcement. ;)
 
Kleineganz said:
I don't know if everyone on this site is aware of this, but your YouTube income is taxable. I hope you're all keeping good records because I'm sure YouTube/Google and/or your network certainly is. When you sign your contract (or sign up with AdSense) you have to complete a W9 tax form (this is for the US ... not sure how it works in other countries). Technically that makes you a 1099 contractor (self-employed), and you will owe income tax, payroll tax and "self-employment" tax on the money you earn. If you earn more than $25,000/year, you will have to start paying those taxes in quarterly estimated tax payments, which may or may not get partially refunded in April.

This has been a public-service announcement. ;)
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"if you earn more than $25000/year"
very very less people with that much earning
 
Ashish Malpani said:
"if you earn more than $25000/year"
very very less people with that much earning
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Oh, I know that. It's more of a warning if anyone here ever starts earning that much, that they have to be aware of that. If you don't do the quarterly tax filing above that income level, the IRS slaps some heavy fines on you.
 
I know YouTube income is taxable. But I wish my country's tax agency the best of luck finding out about it :p. Foreign payments on a PayPal account are extremely unlikely to ever be detected. So unless I start making like a thousand dollars a month I won't be reporting s**t ;)
 
TigerXtrm said:
I know YouTube income is taxable. But I wish my country's tax agency the best of luck finding out about it :p. Foreign payments on a PayPal account are extremely unlikely to ever be detected. So unless I start making like a thousand dollars a month I won't be reporting s**t ;)
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Yeah, you're right about that. However in the US it's much more difficult to get away with it since here YouTube and/or your network are obligated to report to the IRS the income they pay out to their partners.
 
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