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RE: Taxes
Quote: cdm72 Seems I can't cash in my author share now without offering up my SS# so Epinions can file it on their taxes. That's fine, I know this place is legit and whatnot, but I assume that also means I would have to claim it on MY taxes. Again, that's fine. But here's the question:
If I'm filing taxes on money made from reviewing books, movies, and cds, do I also get to claim those books, movies, and cds as BUSINESS EXPENSES? Because that would be AWESOME!
Maybe.
First off, there's an ongoing glitch in the system that asks for your SS# if you have cashed out $600 over your entire membership, but there will only be a 1099 generated if you cash out more than $600 in a single year from Epinions. As someone noted elsewhere (check the main forum), you're actually legally required to list all income regardless of whether you get a 1099 or not, but that is a different discussion altogether.
I'm not a tax expert, but I seem to recall hearing that people who make money from a hobby are allowed to use some of the expenses of that hobby to offset any taxes that might be owed on their earnings from that hobby.
I'd check with a CPA that specializes in self-employment to get the official word on that and whether your earnings/expenses would qualify. |
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