Need Fullscreen Tax Help ASAP

TheGentlemenTV

TheGentlemenTV

Super Poster
I am partnered with Fullscreen and need to file my taxes but when I asked them for a federal tax id or a 1099 they just told me "We do not withhold taxes on partner earnings nor issue 1099 forms for those using PayPal as the sole method of payment (the W9 form partners fill out when they first sign up with Fullscreen is for our tax recording purposes to document who we pay). Partners simply reference their PayPal receipts to document their income."

PLEAS HELP
 
You can probably print off receits from paypal to take to your tax preparer. And just explain to them where that income comes from. And maybe they can give you pointers on how to be better prepared for next year? But yeah they don't take taxes out of what you earn from Youtube.
 
TheGentlemenTV said:
I am partnered with Fullscreen and need to file my taxes but when I asked them for a federal tax id or a 1099 they just told me "We do not withhold taxes on partner earnings nor issue 1099 forms for those using PayPal as the sole method of payment (the W9 form partners fill out when they first sign up with Fullscreen is for our tax recording purposes to document who we pay). Partners simply reference their PayPal receipts to document their income."

PLEAS HELP
Click to expand...
I'm with FS I brought my Paypal earnings in and made an Excel sheet annotating the dates and amounts I got and from what websites. I took it to H & R black and we filled out a form C I think (business tax). If you claim as a business, you can make deductions on stuff you use to make your money. I deducted my GoPro, computer, and GoPro accessories since I use them primarily to create my content. It's a bit confusing.... They said since it is being claimed as a business I got an added 15% tax added on for self employment tax! I hate taxes....

Keep good paperwork... I have a folder with all of my receipts for camera gear and any other expenses that pertain to videos or teeshirts so that it is plain as day what money went where.
 
Munchito696 said:
I'm with FS I brought my Paypal earnings in and made an Excel sheet annotating the dates and amounts I got and from what websites. I took it to H & R black and we filled out a form C I think (business tax). If you claim as a business, you can make deductions on stuff you use to make your money. I deducted my GoPro, computer, and GoPro accessories since I use them primarily to create my content. It's a bit confusing.... They said since it is being claimed as a business I got an added 15% tax added on for self employment tax! I hate taxes....

Keep good paperwork... I have a folder with all of my receipts for camera gear and any other expenses that pertain to videos or teeshirts so that it is plain as day what money went where.
Click to expand...
Yep, Youtube is considered self-employed, therefore you have to pay a 15% tax on all your earnings. It sucks... I can't even make a living on these earnings lol.

I was with Fullscreen last year and they don't send 1099-misc forms so you just go by your paypal earnings. My new network does send 1099-misc forms though.
 
TheUG1 said:
@Munchito696 hey I was wondering if you could provide a sample of your excel sheet? :) i'm curious to see how to keep track of it in Excel.
Click to expand...
Here are the first few items I deducted, I did this for both expenses and profits. For profit I divided the sheet into video in one section and merchandise on the other half. H & R block said this is perfect and better than what most people bring.expense.jpg
 
TigerXtrm said:
Hm this thread makes me wonder if I can deduct video games as an expense...
Click to expand...
Ask a tax expert. They told me I could deduct any equipment or software I use to make my videos and design merchandise, so I kept track of everything. I had a list of about 38 items I was able to deduct. I just sent my payment in to the IRS, it was painful to press accept.
 
I really want to join a partnership, but I'm worried if i would run into problems with it.
HR Block Canada says the self employment form is a form t2125 and it is the same form used for businesses.
One minute they said i wouldn't need to fill out a foreign verification statement form - T1135 because i would only be paying taxes for Canada as i would have the funds transferred to Canadian Dollars . Then the other moment another representative told me i would need to fill out a foreign verification statement-T1135 because i would be getting Paid in US dollars and would have it Converted to Canadian Dollars. So i'm not exactly sure of this - If i do have to fill out that T1135, Would i be paying taxes for Canada AND the US?

Also, does paypal provide any tax forms under the tax document section for Canadians?
Also if i get a job and would be paying taxes for that, would i get into any complications with Youtube tax reporting?. (I'm currently a student)

Also, Which networks provide a 1099 form?[DOUBLEPOST=1428886389,1428885007][/DOUBLEPOST]
Munchito696 said:
Here are the first few items I deducted, I did this for both expenses and profits. For profit I divided the sheet into video in one section and merchandise on the other half. H & R block said this is perfect and better than what most people bring.View attachment 27353
Click to expand...
thanks for sharing :)
 
Last edited:
TheUG1 said:
I really want to join a partnership, but I'm worried if i would run into problems with it.
HR Block Canada says the self employment form is a form t2125 and it is the same form used for businesses.
One minute they said i wouldn't need to fill out a foreign verification statement form - T1135 because i would only be paying taxes for Canada as i would have the funds transferred to Canadian Dollars . Then the other moment another representative told me i would need to fill out a foreign verification statement-T1135 because i would be getting Paid in US dollars and would have it Converted to Canadian Dollars. So i'm not exactly sure of this - If i do have to fill out that T1135, Would i be paying taxes for Canada AND the US?

Also, does paypal provide any tax forms under the tax document section for Canadians?
Also if i get a job and would be paying taxes for that, would i get into any complications with Youtube tax reporting?. (I'm currently a student)

Also, Which networks provide a 1099 form?[DOUBLEPOST=1428886389,1428885007][/DOUBLEPOST]
thanks for sharing :)
Click to expand...
The messed up part is that I got pushed into the next tax bracket because of my earnings, so it made me owe 10% more taxes which really hurt. I filed my normal tax forms and then the business one, I don't have many details because HR Block did it. I'd ask a professional, I have no idea what they did without looking through all the paperwork which I don't want to do.[DOUBLEPOST=1428889159][/DOUBLEPOST]
Munchito696 said:
The messed up part is that I got pushed into the next tax bracket because of my earnings, so it made me owe 10% more taxes which really hurt. I filed my normal tax forms and then the business one, I don't have many details because HR Block did it. I'd ask a professional, I have no idea what they did without looking through all the paperwork which I don't want to do.
Click to expand...
So yeah, your YT earnings can affect the taxes you pay even on your normal job, that happened to me.
 
You must log in or register to reply here.
Back
Top