How much does one have to worry about taxes...

how much does one have to worry about taxes? im making money online through an illegitimate business and making like 60-100 bucks a day probably like 4-5 days a week

all my money goes to my bank accounts

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>all my money goes to my bank accounts
fucking retard. enjoy a future raid.

the fact that you pluralized 'account' is worrysome enough

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no im on a forum of people who do the same shit dont be a paranoid fuckwad. the only problem I have is taxes and shit

>Not buying BTC gift cards at Purse.io for Amazon

user i...........

my state has purse banned and idk how i'd buy all those amazon gift cards anyway. either way the amount of money in taxes I have to pay would be that same amount and I live in a rural area so I cant cash out btc

Go to accountant if not larp

how you make that 60-100 bucks daily OP?

im a literal super genius

>making like 60-100 bucks a day probably like 4-5 days a week

how

how are you a

>literal super genius

? what did you do?

In the US at least, you can still file taxes through illegitimate gains. The IRS does not care, nor will they sell you out to LE.

yeah I know lol im just a jew and dont want to pay thousands of dollars into taxes

Do you have expenses of any sort? Office space, mortgage, electricity costs, etc? Write them off and pay less taxes. You're statistically more likely to be found out evading taxes by the IRS than you are getting busted by LE and at that point you get double fucked.

yeah I know I dont think im ever getting arrested for it but im scared they're gonna send me some tax shit that costs like WAY more then if I paid it

I mean I use a backup phone for it and thats it. I use my PC for some stuff to do with it and my main phone so both of those would be tax write offs?

Your initial purchases for equipment can be used for write offs, but unless you've got the original receipt for them you're sol. Monthly expenses for using the equipment though you can still write off. Are you keeping books of your shit?

no

yikes dude. Do you know how to bookkeep?

no I just kinda found it on accident it ended up just being a way to get weed and save up some cash I never expected it to be like this it happened on accident and then ive just been high as a kite doing it ever since

lol ok mr super literal genius. You're gonna have to learn to keep books or hire someone (like me, t. accountant & bookkeeper) so you can accurately write off your expenses and not get assblasted by the IRS. I'm assuming you're making more than $400 annually and as a sole proprietor with a small home office.

You're gonna want to set out 5 categories: assets, liabilities, expenses, revenue, and equity. Every single transaction you make will affect two accounts in these categories. You pay your phone bill? Your cash decreases and your phone expenses increases. You withdraw from your *business bank account* (you are using a seperate account right)? Your cash decreases and your equity withdrawals increases. At the end of a period, you sum up all the expenses, spit out a report, and use that to file taxes.

I just randomly put it in 2 bank accounts I have and I just switch between them when I buy shit. is it really this hard to pay taxes?

cant I just take the total amount of money I make write that down and then just put the amount of my expenses down with it.

what happens if I dont pay it but dont make enough to matter? or what if I got a main job and paid taxes on that and just collected this shit on the side?

If those 2 bank accounts aren't seperate from your personal accounts, you're comingling funds. When, not if, you're caught, the IRS will sieze *all* of your assets due to that comingling because they'll think you use all of your personal assets to drive your illegitimate business.

You can take down your total income + expenses if you want, but you'll probably be overpaying for taxes at that point because you won't have an exact itemized deduction. But yes it would work and you wouldn't have to worry about the IRS.

>what happens if I don't pay it but don't make enough to matter
If you make over $400 annually, you're making enough to matter.

>all my money goes to my bank accounts

You're fucked, lol.

When the IRS starts paying attention - and they probably will be soon, if they aren't now, because the banks are monitoring for all kinds of patterns now, thanks to the Patriot Act, they're coming knocking. Squirrel some of that cash away for a lawyer, because you're gonna need one.

Protip: not paying your taxes is a bookkeeping thing. Hiding income? Felony. They put people in jail for that every day.

And, doesn't matter if you stop. The bank records are there, the records of where the income is from isn't. You should probably start talking to lawyers now.

im gonna go pour some concrete for a pergola real quick, I'll check on the thread later.

>not using a basic vpn
you're not going to make it

Yeah, that's not a red flag at all - "Herr derr, i want to write off $20 in business expenses, but i can't prove the business exists."

Fucking RETARDS in this place, swear to fucking god.

You won't be arrested for filing and not paying.

You will be arrested for not filing, and hiding income.

Enjoy Federal prison. Sock some of your money away for commissary, so you don't have to blow dudes for Koolaid.

Bookeeper, riiiiiight.

IRS: "So, Mr. user. Your business is? I don't see a business license on file for you, or any paperwork."
user: *sweats*

Seriously, if you're trolling him, good job, but if you're gonna larp as a bookkeeper and accountant, try harder.

lol im in a similar spot OP have been making avg 150 a day through an illegitimate biz for a while now.

but my country is a corrupt shithole so i dont ever worry about taxes lolol get fucked.

wait so they can just come and take every asset you have out of your bank? im on a forum full of people doing the same shit and nothing ever happened to them they said if anything they just get a form in the mail to fill out their taxes

some guy on reddit said he even did and saved like 17k from it and everyone commented saying that they wont care about a small amount like 17k

can I just take my total deposits into my bank account and pay whatever the tax amount would be on that?

Oh, you're stealing Fortnight accounts from kids.

Fuck off, already. You're a fucking retard, for listening to other retards in retard "hacking" forums and retard Reddit. They're trolling you, dummy. Just like the other anons in this thread are. The IRS doesn't care about 17K? Dude. Wake the fuck up, stop smoking pot until you're retarded, call a lawyer tomorrow that specializes in tax law, and don't be high and retarded when you talk to him or her. Do what they say. And stop admitting to felonies online.

how do I pay taxes on it tho? do I need a lawyer just for paying taxes?

If you don't file, you'll face a failure-to-file penalty. The penalty is 5 percent of your unpaid taxes for each month your tax return is late, up to 25 percent. Plus, if you file more than 60 days late, you'll pay a minimum of $135 or 100 percent of the taxes you owe

this is what I see online not some felony and seize your bank account shit

At this point? Yes. There are lawyers who specialize in tax issues. They usually advertise on AM radio, with "Pay pennies on your tax debt!" commercials.

I dont really have one close to me. i started like around 2018 so can i just file taxes for this year and just pay taxes on the total amount i've earned?

can i look on my bank account and just see the total deposited for this year and write that down for my taxes?

I don't give tax advice. Talk to a tax attorney. Stop asking the internet for advice, you fucking retard.

ok well isn't there a section on the tax form where it just says income from other sources where you dont specify where its from?

Talk. To. A. Tax. Attorney.

That's the only valid advice. I'm not a tax attorney, and i'm not larping as one. The internet is not a tax attorney. Jow Forums is not a tax attorney.

i know that but i dont have one near me

If you're making untraceable distributions to your bank account regularly banks are required to report this and you will be investigated
You really should just play by the rules and get a normal job

Idk how you thought you could get away with this

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im on a forum where thousands of people od the same thing and i just never heard anything about it. i want to just pay taxes on it normally

Then put your retarded ass into a car and drive to one. Have mommy drive you, if you have to. You're a fucking adult, if you're worried about taxes, act like one for fuck's sake.

this regulation isn't even entirely for tax purposes, it's to find people like you who are doing illegal shit

im currently on probation and uhh not technically allowed to leave the county heh

Retard. It's the internet. People lie on the internet.

You don't hear from the people that get busted, because their lawyers tells them to shut the fuck up and not admit to breaking the law in public.

What are you, 10?

illicit business while on probation. Yikes. I just got back but I'd recommend halting business altogether forget about the whole tax issue lmao you're risking more than I thought.

Or, it's just another shitty larp.

Either way, lost interest, have fun with the retard.

Don't need a business license for sole proprietor ship. Hence why I assumed it.

i started this business before that even happen but i dont really know what to do. can i just file taxes with an online service like turbotax or something and just pay it all online and figure out how much i owe?

well there's people who earn WAY more than me like 10s of thousands of dollars and more. they like literally post their earnings on there bragging about it with screen shots of their paypal and shit like that. i saw some shit about people paying taxes and shit on there and they just said they wrote it down as an online business and paid it

also im not sure its fully illegal more of a grey area then anything its not really selling illegal services or stealing

If you're adamant about continuing to operate, (and if I read right you started earlier this year 2018) you could technically file online with turbotax or whatever without an issue since you shouldn't be late or anything.

Lol. I think this can count as capital gains. What kinda business is this cause if it is a business your suppose to be registered all that's just another law your breaking.

You. Do. Not. Need. A. License. For. A. Sole. Proprietorship. Christ is this Jow Forums or /b/

its just me selling online/digital products

can i use hrblock to figure out how much i owe?? and then can i just pay the money to the IRS with a debit card. ill probably stop if its this big of a risk but just pay what i owe already. i just did a ballpark on hrblock and it says i probably owe like 600 bucks. can i just go on and pay that or do i have to submit a bunch of forms with the IRS just to be able to pay it? i see they have a section on the IRS website to pay online. can i get a CPA to help pay it or would i have to tell them what i do? can i just tell them i sell digital products online

Tbh prob this

I dunno much about hrblock but if you want go ahead and use them. If you wanna be more accurate and pay less than $600 you need to file out these forms:

Form 8829 (if you have a qualified home office)
Form 4562 for equipment depreciation (use publication 535 to check if your equipment qualifies)
and your schedule c / 1040 should cover just about everything else. There might be more, depending on if you do something specific or not but hrblock should be able to tell you which ones to also fill out.

>11476593
Please tell me how to make money bruv
>its just me selling online/digital products
Like those people that sell digital BBC dildos on second life?
How do I get in?

>I'm a super genius.
>what are books.
>how do I not pay taxes.
>there's no way they can get me.
>my business is that I'm a super casual basic bitch 101 pretend drug dealer, who has weed. I'm so hardcore, you guys.

What a Jow Forumsnessman.

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>You. Do. Not. Need. A. License. For. A. Sole. Proprietorship. Christ is this Jow Forums or /b/
Must suck being the only clever bloke surrounded by a bunch of its.
Lol cuck

should i get a cpa to help with it? i dont really know a lot of shit about it to file it all myself i dont think so. i dont even really want to add the deductions lol i dont think it will make much of a difference i just want to pay my shit and if im off by a little bit they can just tell me what i owe without me getting a felony lol.

its pretty much just me selling digital goods off my phone for like 20, 35, 50 bucks each and stuff like that. if i file through turbotax or whatever is that good enough and i can just make the payment and dont need to fill out all the forms and shit.

would it be okay to get a CPA for this or if its not legal is that bad? do i have to tell them specifically everything about it or just can i just tell them i sell stuff online and it doesnt cost me any money to make the stuff i sell

or could i just say im producing music and selling the songs online or something?

You haven't been keeping your books user, a cpa will just shrug their shoulders and say you're sol or charge you more lol. If you're gonna be that lazy then yea just go turbotax or whatever makes you feel comfortable

also how come online it says you only need to file taxes if you make over 10k

Single filing status:
$10,400 if under age 65
$11,950 if age 65 or older
Married filing jointly:
$20,800 if both spouses under age 65
$22,050 if one spouse under age 65 and one age 65 or older
$23,300 if both spouses age 65 or older
Married filing separately — $4,050 for all ages
Head of household:
$13,400 if under age 65
$14,950 if age 65 or older
Qualifying widow(er) with dependent child:
$16,750 if under age 65
$18,000 if age 65 or older

that's filing status lmao. You're considered single if you make 10400 or more under the age of 65 with no partner

well im not sure i really need to keep books because its just pure income. dont i have to just show the total amount i've deposited in my bank account and thats all that ive made. i dont really have business expenses or anything like that so dont i just take the total deposits ive made in my bank and thats like all i need?

books are only used to help you pay less tax user. And I'm assuming you have a computer and pay rent, you have business expenses if you operate out of your house. I don't blame you for not knowing how to bookkeep, it should really be taught in school, but I would learn it if I were you.

i did a quick estimate on hr block and i just had to put my total income earned and other information that doesn't really apply like interests and losses and all that that doesn't really apply to me.

if i take an estimate from them and then file under that can i just make a direct payment to the IRS or do i need to submit a fully filled out form with them just to give them a payment?

i dont really know anything about taxes ive never even really had a job before

HR should fill out the form for you and just request a payment on their platform.

yeah its bull shit they dont teach us anything useful in school. i dont really pay rent or anything i live with my parents have no health insurance and all that. i dont really have any business expenses unless you count my 2 phones and laptop which would be like 1000 dollars altogether anyway so i dont really care about the deductible on that

i just want to pay a ballpark range while i figure it all out so i dont have to worry about tax evasion or anything like that

ok cool so if i just fill out the forms easily on turbotax or hrblock they'll be able to give me the form filled out and i just fill out what they say to fill out and make the payment and thats it?

that's potentially 1000 dollars less in tax you could pay user. Learn to keep your books for next year.

Yea that's pretty much it.

the full 1000 you spend isn't completely off the books tho right its only a percentage of that you save money from? 2 of the things were a gift so i dont really have receipts from them anyways

would you offer an unprofessional consultation on discord or something for money?

An initial percentage usually, yes, but then you get to also write off depreciation as that asset is spent over its useful life.

>this is "early money"

i'll do it for free lol here -> y8EQBN

so for future reference just keep track of stuff involved in my business? i.e computer and phones

and then keep track of all the income i get on a daily basis? like just write down the dollar amount for each day i get?

if i file taxes now but the tax year keeps going and im still earning money how does that work? do i need to keep date of the exact date i file for taxes and then am still responsible for everything i earn every day after that up until tax time? i was earning some money in 2017 too im not really sure what to do with that either

What type of business and why don't you get licensed? It's not a big deal to get an LLC

Just pay the $200 for a tax accountant and let him deal with it. You can seriously fuck yourself by filing incorrectly, more than you would if you just never filed. Tax isn’t something you freestyle and hope for the best.

what username is that for?