Tax-ish questions

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VolteR

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Jul 23, 2008
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I have just started doing affiliate marketing and I am under 18. In order to get my money from the affiliate networks I have to submit a w-9 form and pay taxes. Can I legally do this or do I have to have my parents claim it on their income and pay taxes on it? Would there be any way of getting around this? Also I would obviously want to claim business expenses like paying for clicks since I wouldn't want to pay taxes on on money I lost or money that wasn't profit. (eg I have a campaign that costs me $1,000 and I generate $2,000 I wouldn't want to pay taxes on $2,000 since I only made $1,000.) Just looking for some help, thanks a lot.
 


Your young! go out have fun... fuck as many chicks as possible (but wear a condom)

dont do drugs... well ok do a little tiny insy bit of drugs.

and come back when your eighteen!
 
Sticks79 said:
Your young! go out have fun... fuck as many chicks as possible (but wear a condom)

dont do drugs... well ok do a little tiny insy bit of drugs.

and come back when your eighteen!
Click to expand...

If I do that then I cant be like my hero carl ocab (carlocab.com) im kidding.

I like the advice, and I am going to take is with the exception of the come back when im eighteen part. anyways does anyone have any advice on my situation?

edit: Would forming an LLC or something work?
 
Minors applying for jobs at McDonalds also have to fill out W9s. Fill it out, its not illegal. Just let your parents know.
 
Yes, but taxes are taken out automatically. Should I just keep track of everything then at the end of the year pay taxes on it all?
 
Talk to a tax professional. I'd recommend having everything filed under your own name, since you're in a lower tax bracket, but I'm not an accountant.

I was running a business with $100,000 revenue/year before I was 18, and all taxes turned out fine. You'll just have to file a Schedule C along with your normal tax forms, which allows you to report income and expenses of your business. A tax professional can help you with that, again.
 
First off, You only pay taxes on your net, meaning you subtract your losses from revenue and pay taxes on the balance.

Secondly, being that your young... I would probably just do whatever and not worry about it... If you start to make a lot, then look into getting an LLC or whatever makes sense, spend a few hundred and talk to an accountant or just research it and learn on your own... your call. Either way, the IRS isn't going to throw you in jail or anything.
 
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