Sorry if this has been asked a billion times but this is the first time I've had to file taxes for earnings from Hubpages and I have NO idea what to do even though I've been reading around for the past hour.
Anyway, last year I earned around $800 from Hubpages. I've read that they're not required to give out a tax form, and that PayPal is supposed to do it.
With my amount of earnings, what form should I be filling out? (I'm filing together with my husband if that helps...) Who should I ask for the forms? (I've asked PayPal and I read something about a $20,000 threshold or something...)
I'm totally lost. I'll be more experienced next year, I guess, but the first time is always frustrating. >_<
Thanks for the help.
You can report your earnings as other income but you may be better off to file Schedule C as a small business so you can deduct your expenses. If there is $400 or more left after you deduct the allowed expenses that part is considered income.
All this information is available at irs.gov
Honestly, I really would love to know the answer to this myself!
I go to paypal, print off a list of earnings for the year (for my own records and possible audit) and report it as other income. Not much else you can do as there is no form listing that income that you will ever receive or can get.
Is it really this easy? I did that last year and it worked but I made way less last year. Awesome! This cheers me up because taxes just make me confused, lol.
I as well, am relieved to hear this information. I was starting to worry about taxes and how to report writing income through PayPal as well, so your question did really help me. I hope it is as easy as this.. Thank you! Do you know if you can deduct expenses? Such as toner, paper and cell phone usage for writing purposes? Am I pushing it? (Do you have to have receipts if you do this?)
I add up all my writing income through Paypal, too. And, yes, I deduct all the expenses for my writing activities. I haven't deducted any of my phone, but it might be totally cool to deduct it or part of it. I think you can deduct a cell phone for business if you also have a landline that you use. I keep receipts if I think I might need them. You don't have to have a receipt for everything from what I understand, but I would have as many as you can. Hope this helps!
Thank you! So, sorry to be so ignorant, but you deduct the estimated writing expenses from your total earnings and then report this number as other income? And keep receipts and a paypal earnings printout for yourself in case you are ever audited? I can do that. Thank you!!!!! I think you can deduct a cell phone. I did hear that. All good to know!
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