Microstock Photography Forum - General > General Photography Discussion

Do you file taxes on your income from stock photography? (Honest)

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K46:
This is intended to seek out honest opinions on whether most of you pay taxes on your stock photography incomes or not. I'm scheduled to move countries in 2 years, and my current country of residence has a lot of hurdles to sell stock the official way. Accordingly I'm going to put off selling my images until later.

So I'd like to see what the majority are doing regarding this.

increasingdifficulty:
Yes, of course, it's my full-time job.

It's quite hard to live in a society with an official income of $0, and no filed taxes.

Buying houses, apartments, being able to trade high-risk assets etc., becomes quite difficult.  :)

...oh, and I almost forgot, you go to jail if you don't.

Sure, if you make $100 per year no one's going to care, but might as well get used to the thought.

mj007:
Yes I pay taxes on my stock photo income. Most if not all the sites send me a 1099 tax form in February. I don't like paying it but I also deduct expense items like props, camera equipment, computer equipment, mileage , and anything else I can think of that is legit...... W. Scott McGill

increasingdifficulty:
It's worth thinking about what could happen if you start earning a significant income in the future.

In 3 years you might feel like you're earning so much you really ought to start paying taxes, and they might ask you how long you've been in business for. They can also ask you to show evidence of that. If they see that you've had portfolios active for years you might end up with a nice penalty.

pkphotos:
Yes f course I pay tax on my stock income. I don't want to pay thousands in penalties and/or go to prison

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