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Do I need to file taxes this year on fiverr income


Guest beccadex

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Guest beccadex

I was trying to look up information on how much money you have to make in a year before you have to file taxes, and i kept coming to a speed bump of whether fiverr is a “self employed” business or if it falls under another category.

Do i actually need to file taxes? Did i make enough this year to HAVE to file taxes?

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Sounds like you need to talk to an accountant. There are many factors that determine whether or not you need to file a federal tax return. However, if you make $400 or more of self-employment income (for which Fiverr qualifies), you are required to file a return.

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It’s $600 before businesses are required to file a 1099 for independent contractors. It’s $400 of self-employed income before you are required to file a 2014 federal return.



Again, note that even if you did not make $400, you may meet other criteria that require you to file a return.



http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center/static_assets/img/logo.png

Internal Revenue Service

http://www.irs.gov



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I’m not an accountant, but if you make any kind of income, no matter where the source, you need to report it as income.



So Fiverr takes their 20%, Uncle Sam gets their 25% or so, and PayPal gets their few percent. At $5 a pop, you’re not left with too much at this point. 🙂



All that said, it’s appealing to not report it, but Uncle Sam doesn’t just let you get money for free. They will take their cut, everywhere and from everyone as much as possible.



And then when you take the $2.50 that’s left from your gig and go buy a Snickers bar with it, they’ll add sales tax and state tax on that purchase, and tax the convenience store that sold it to you. Then they’ll take all that revenue and send it to people on welfare who don’t do Fiverr gigs and sit around all day eating nachos. It may not be fair, but it’s the way it is.



So report it, messing around with taxes is no joke.

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  • 1 year later...
Guest lloydsolutions

Income from fiverr is self employed income and needs to be reported. In the Uk it depends on your total income for the year whether or not you will need to pay tax on it. Hope that helps.

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check with IRS, but this is a 1099 situation, so you will likely have to file…find out the minimum that must be earned. they’ll have it on their website. nice thing is self-employment can have plenty of business deductions, so i always got $$ back the first few years.

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  • 4 weeks later...

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