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Leafs
by Gary E. Andrews - 05/01/24 01:05 PM
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Joined: Mar 2017
Posts: 22
Casual Observer
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OP
Casual Observer
Joined: Mar 2017
Posts: 22 |
Does anyone know what the rules are as far as paying taxes on anything you make off of CD Baby and other places you can sell your digital downloads such as Soundclick?
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Joined: Aug 2002
Posts: 7,050 Likes: 16
Top 40 Poster
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Top 40 Poster
Joined: Aug 2002
Posts: 7,050 Likes: 16 |
Any income is taxable but you can claim expenses too against income.
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Joined: May 2001
Posts: 7,412
Top 30 Poster
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Top 30 Poster
Joined: May 2001
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If a business handles your CD sales you probably had to give them a tax form so they could give you a 1099-something form for your tax returns. You just include it in your yearly taxes. If you do it yourself you need to keep records of your sales and include it in your tax filings. You can probably get the information of how you do that from the IRS. The Tax Services sometimes looks for new employees to train. Could be an opportunity to learn about Taxes.
Ray E. Strode
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Joined: Feb 2017
Posts: 165
Serious Contributor
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Serious Contributor
Joined: Feb 2017
Posts: 165 |
I think it's considered a hobby up to a certain amount, and not taxable Like maybe couple thousand, not sure though.
But most of us won't sell enough downloads to even enter the tax bracket
Last edited by Trentb; 03/21/17 01:15 PM.
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Joined: Dec 2008
Posts: 10,240 Likes: 30
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Top 20 Poster
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I think it's considered a hobby up to a certain amount, and not taxable Like maybe couple thousand, not sure though.
But most of us won't sell enough downloads to even enter the tax bracket The IRS treats all income as taxable, and every cent you make needs to be accounted for when tax time comes around. Though some income from cash transactions can easily be hidden from the IRS. Did I say that? John
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Joined: Feb 2017
Posts: 165
Serious Contributor
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Serious Contributor
Joined: Feb 2017
Posts: 165 |
I think it's considered a hobby up to a certain amount, and not taxable Like maybe couple thousand, not sure though. But most of us won't sell enough downloads to even enter the tax bracket The IRS treats all income as taxable, and every cent you make needs to be accounted for when tax time comes around. Though some income from cash transactions can easily be hidden from the IRS. Did I say that? John If your hobby is listed as your business yiu get deductions. Selling your music would be considered a business. Years ago when I was doing mlm, I was told I had up to a certain amount before tax needed to be payed. It may just be that there's not enough money involved for anybody to worry about it With cd baby, your not even likely to ever get your 39 dollars for starting back by way of sales. But always check with your accountant
Last edited by Trentb; 03/21/17 02:45 PM.
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