UltraKrillin
I've Got It
That's America for you. Can't wait to here how our tax money is being spent on parties for political figures.
Your YouTube Income is Taxable
- Thread starter Kleineganz
- Start date
Chase Butler
Filmmaker - Vlogger
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.
Any youtuber that makes >$25k already knows this....
phoenixblue
I Love YTtalk
Are you sure it is $25000/yr?
I thought it was like $700/yr or somewhere between $1000-2000 and you have to start paying taxes. I really have no idea though. I just thought I heard a much smaller number before.
My brother was looking at turbotax stuff back then and told me how much I had to make before paying taxes, and I remember it was much lower than $25000, I don't remember, thought it was like $1000 or $2000, but I never did any research on it.
I thought it was like $700/yr or somewhere between $1000-2000 and you have to start paying taxes. I really have no idea though. I just thought I heard a much smaller number before.
My brother was looking at turbotax stuff back then and told me how much I had to make before paying taxes, and I remember it was much lower than $25000, I don't remember, thought it was like $1000 or $2000, but I never did any research on it.
Kleineganz
Opinionated Vlogger and Gamer
The $25,000/ year is the threshold for paying quarterly estimated taxes (for anyone who is considered self-employed). You are correct, technically you have to report your income, technically even if it's only $1, every year to the IRS, and there is some threshold where you may or may not owe taxes, depending on your annual deductibles.