US taxes anyone?

[silviatx]

Sorry, but I got to ask people living in the US? Did you guys report your Fiverr income? If you don’t want to post here in public please message me.



I am just asking because Fiverr obviously doesn’t provide any tax forms for its sellers? Or do they? If yes how can I get one? I don’t know exactly how much money I made on Fiverr last year since the balance on my account is an accumulated balance, including this year’s income as well.

Appreciate your help.

Thanks.

[verityregistry]

You have to report ALL taxable income. If they randomly audit you one day, they’ll take the money you owe them without asking.

[silviatx]

Of course, but does Fiverr provide Tax information? Like a W2 or something?

[fonthaunt]

You can export your revenue data to .csv file and use the resulting document in Excel for taxes. It includes dates. The IRS doesn’t need it be be on a form, you can use the hobby business designation. W2’s are only for employment, not contracting. I think some places send another form to contractors (1099 maybe) but just knowing your wages is good enough.

[silviatx]

Thank you.

[Guest digilancer99]

Yup, I reported my earnings in the hobby section. Granted, I don’t make too much on Fiverr, so I just assumed it was appropriate.



However, I have read on other freelancing forums that a lot of people who make a good living from their work pay self-employment taxes every month through the U.S. federal tax payment system online. It seems like if you make a decent amount every month, you would have the luxury to do so and wouldn’t want to risk paying an enlarged sum come April.

[peggyg]

In the USA, by law, all taxable income from self employment has to be reported. Doing Fiverr gigs is considered self employment. In the US, you would file a Schedule C or Schedule C EZ to report your income, if it is over $400. If you make more than $400, it can’t be called a hobby. Also, you are required to pay in your own Social Security and Medicare taxes. This is an additional small percentage of your income. If you make more than $1000 a year via Fiverr, you should send in quarterly payments, so you don’t end up owing penalties. A tax professional or tax software for business can help you out with that.