10/14 - Soccer Saturday!

Says the man that doesn't have a backup of his earnings...

 

That's how it is in all matters dealing with the law.

 

Past year was my first tax filing, and it has been already easy even without it, thanks to the software you suggested to me, H&R! Thanks for your reply!

This is a good news, I was thinking to ask about it sooner or later, I was almost scared to aim at 20k... lol Thank you for you reply!

 

You don't have to worry about 200 transactions in practice on MTurk. The rule went into place with things like Paypal/eBay and now Etsy in mind. The 200 transactions is way more about credit card transactions and seller activity, than withdrawing money on Mturk into Amazon Payments to transfer to your bank account. I'm not saying they completely ignore it, but it's really the $20k they follow more than anything else where MTurk is concerned.

 

Dude I went to Duke 3 years for accounting. I retained a little bit of it. Enough to handle several businesses and a high dollar dj career with no audits yet

 

Having done it both ways, I feel comfortable saying 1099s are much easier, not just marginally.

 

Did you have to pay taxes last year? And/or have you been paying your estimated taxes this year?

 

You do know one of the signs of a good entrepreneur is to delegate certain aspects of a business (such as accounting) to those that are more qualified/certified and to actually focus on growing the business...right?

 

I moved to the States on past year's May, I paid taxes for 7 months of staying here and turking. My worries about the 20k were about the estimation thing, I have no idea about how does it work, I should read again Clickhappier post.. Am I screwed if I make more than 20k without paying quarterly? If I don't remember wrong the worst might be the 50 or 100% more of taxes, but I'm not sure about it

 

@Clozy in case you're starting to panic, estimated is only necessary if you think you will owe more than $1k in the calendar year.

 

I have no idea how much I will owe them, lol With 20k from turking an no other income, once I pay federal taxes, I shouldn't owe Cali more than 1k, at least I hope.. Dunno, maybe, in the doubt, I might start to panic..

 

Tax season is so much fun on mTurk though!

Do I actually have to pay taxes on my mTurk earnings?
But why?
But what if I don't?
Guys seriously who here will tell me its OK to commit tax fraud? No one? WTF SHEEPLE.

Quarterly is not based on the $20,000 figure. You should read this:
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

Call the IRS. They're helpful people and will give you better answers than any source on the Internet. Sometimes. Kinda depends on who you get. I prefer that to reading some forum post, but YMMV.

 

You're not "screwed" if you can pay your taxes. If what you owed last year was suggestive that you should be making estimated payments, they would've wanted you to start. But it's all still manageable, don't worry. But start finding out more info and planning for it.

 

Your point being?

 

Thank you once again, I bookmarked that website, I'll check it for sure!

I should really inform myself more, you're right.. Thank you for your hints, I'll do the homework to reach tax season well informed

 

100% this. Frankly you're not screwed even if you can't pay them. As long as you communicate with the IRS they'll absolutely help you get things settled with them. Best to start now though, if you wait until tax season to start you're going to have a much tougher go of things.

 

Reminds me of this

 

I believe my point is pretty self-evident in my last post.

 

I've seen clickhappier try to help enough people on reddit to know this is 100% an accurate representation of mTurk tax season.