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YouTube taxes?

Rocko
By Rocko
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First off I would like to apologize for asking this question here. I am making like 2K a year off YouTube do I have to do US taxes? I'm partnered with a YouTube Network BBTV they sent me the money through PayPal. I'm just going to keep the money in my PayPal balance do i have to do taxes? I live in Florida, United States. 

 

 

 

Help would be very much appreciated Thank you.

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Yes

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May I ask what your youtube channel is? 

 

According to my calculation that is 5500 views per day

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Yes. You will have to file a 1099, most likely.

Now I have a stupid question if i have to do that how do i pay taxes?

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No personal income tax. There's still business tax.

does a youtube channel really count as a business
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First off I would like to apologize for asking this question here. I am making like 2K a year off YouTube do I have to do US taxes? I'm partnered with a YouTube Network BBTV they sent me the money through PayPal. I'm just going to keep the money in my PayPal balance do i have to do taxes? I live in Florida, United States. 

 

 

 

Help would be very much appreciated Thank you.

yes you do need to pay taxes off that 2k you made

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yes you do need to pay taxes off that 2k you made

isn't it like 6% ?

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isn't it like 6% ?

uh. tbh idk. its probably more. but in canada its not the same

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If the network you're partnered with is above board, they should send you tax info closer to tax time. If they don't, they need to get their stuff together.

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does a youtube channel really count as a business

 

It's called independent contracting. He's not an employee as defined by the state of Florida of the people paying him, and is receiving untaxed income. Even if the state of Florida doesn't care about that income, the federal government sure as hell does.

 

I've filed as a contractor since I was 16.

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You are supposed to pay taxes for all of the income that you have.

This includes (believe it or not) tips for you guys and gals. Most people just does not know about this, and it's harder to track down those who do not pay those taxes.

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Google will give you a 1099-MISC form at the end of the year. How you report that income, and how it is taxed, will depend on which box on the 1099-MISC they report what you've been paid. If they report it in Box 7 -- "Non-employee compensation" (likely) -- then you'll have to report the income as Schedule C income, in which case there is an automatic tax of 15% on top of the additional regular income tax you'll have to pay against your total income that includes the YouTube income. If they report it as "Other income", Box 3, then there isn't a separate 15.3% tax. It's just rolled into the rest of your income and taxed accordingly unless you are doing business with Google under a DBA, in which case it's Schedule C income.

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Google will give you a 1099-MISC form at the end of the year. How you report that income, and how it is taxed, will depend on which box on the 1099-MISC they report what you've been paid. If they report it in Box 7 -- "Non-employee compensation" (likely) -- then you'll have to report the income as Schedule C income, in which case there is an automatic tax of 15% on top of the additional regular income tax you'll have to pay against your total income that includes the YouTube income. If they report it as "Other income", Box 3, then there isn't a separate 15.3% tax. It's just rolled into the rest of your income and taxed accordingly unless you are doing business with Google under a DBA, in which case it's Schedule C income.

This is a very good explanation of it. OP, you should give strong consideration to setting aside money for tax season

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I've been on YouTube for 4 or 5 years. Only made about $70-80 so far, they won't even send me the money til I get $100.

 

While we are on the topic of youtube and money... My current adsense account is a "personal" account. If I were to ever get regular payments from them can I change it to a business account or do I have to create a new account?

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