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Author Topic: Do you file taxes on your income from stock photography? (Honest)  (Read 9178 times)

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K46

« on: May 22, 2018, 11:58 »
0
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.


« Reply #1 on: May 22, 2018, 12:06 »
+3
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.
« Last Edit: May 22, 2018, 12:08 by increasingdifficulty »

« Reply #2 on: May 22, 2018, 12:30 »
+4
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

« Reply #3 on: May 22, 2018, 12:36 »
+2
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.

« Reply #4 on: May 22, 2018, 12:49 »
+3
Yes f course I pay tax on my stock income. I don't want to pay thousands in penalties and/or go to prison

« Reply #5 on: May 22, 2018, 13:14 »
+5
yes, I pay taxes on my income. I also deduct a fair bit of the expenses.

« Reply #6 on: May 22, 2018, 14:13 »
+2
Yes, of course  -- just like I do with all of my photography income. Expenses and amortization are deducted of course. My accountant looks after it. The last thing in the world you need is having your country's revenue department coming after you. It never ends well!

K46

« Reply #7 on: May 22, 2018, 14:28 »
0
Thank you all very much. Being a student, I've yet to pay taxes for the first time. I have a large portfolio of pictures that were ready for stock but I think I will wait until I settle down to avoid double taxation.

Most importantly, I hope everyone understands that this question was never meant in an offensive way, as made clear by my age, it's an honest one, I thank you for your replies!

« Reply #8 on: May 22, 2018, 16:38 »
+6
Yes, of course, it's my full-time job.

Yes, of course, it's my part time job.

Noedelhap

  • www.colincramm.com

« Reply #9 on: May 22, 2018, 18:05 »
+3
Of course, even though I don't like having to pay taxes. But it's better than the possibility of a fine or jail time (although the latter probably won't happen with the small amount I'm making on stock).

ShadySue

  • There is a crack in everything
« Reply #10 on: May 22, 2018, 18:37 »
+2
I do, for all the reasons mentioned above, it's the right thing to do, I don't want a legal case, it means I can deduct expenses.
The last might be worth rethinking - at the beginning of your stock journey, you're likely to have more expenses than profits, so filing a tax form claiming a loss might be to your advantage. Consult an accountant for ease and legality.

« Reply #11 on: May 22, 2018, 18:38 »
+1
Of course, it is sometimes my part time, sometimes my highest income.

I do work with an accountant, I find it much to confusing to understand German tax law and what can be deducted by myself etc...but yes, of course, stock income is a business income.

« Reply #12 on: May 23, 2018, 03:03 »
+5
Also, more and more countries exchange data. You never know if your income from a stock agency isn't one day reported back to your tax authority.

« Reply #13 on: May 23, 2018, 05:20 »
+4
Yes I claim every red cent, I let my accountant figure out what I owe.

« Reply #14 on: May 23, 2018, 05:27 »
0
Here's one more yes.

Yes, I pay taxes for my stock income - and deduct my expenses. You can't deduct anything if you don't pay!




« Reply #15 on: May 23, 2018, 10:02 »
+1
In addition to everything everyone has already said, try to put money in a IRA, which also off-sets taxes...

ShadySue

  • There is a crack in everything
« Reply #16 on: May 23, 2018, 10:06 »
+1
In addition to everything everyone has already said, try to put money in a IRA, which also off-sets taxes...

???
I just googled IRA and the first page was 100% Irish Republican Army.

« Reply #17 on: May 23, 2018, 10:12 »
+1
In addition to everything everyone has already said, try to put money in a IRA, which also off-sets taxes...

You assume he/she is American...

« Reply #18 on: May 23, 2018, 10:36 »
+3
IRA = individual retirement account
That should clear it up for those not in the US.




PZF

« Reply #19 on: May 24, 2018, 03:24 »
0
Yep. I own up. Even though I can't put any expenses against it!  >:(

« Reply #20 on: May 24, 2018, 04:21 »
+3
In addition to everything everyone has already said, try to put money in a IRA, which also off-sets taxes...

???
I just googled IRA and the first page was 100% Irish Republican Army.
It confused me at first, the IRA isn't something most of us would want to give money to in the UK.  Another example of two nations divided by a common language :)

« Reply #21 on: February 05, 2020, 16:39 »
0
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
I can not yet start a thread on this tax subject due to being a newbie but want to know if all microstock agencies require identification upon signup and registration so that they can send you a 1099 tax form? Are there any microstock agencies that do not require ID upon signup and registration and only deposit sales into a account such as paypal?

georgep7

« Reply #22 on: February 06, 2020, 03:25 »
0
Thank you all very much. Being a student, I've yet to pay taxes for the first time. I have a large portfolio of pictures that were ready for stock but I think I will wait until I settle down to avoid double taxation.

Most importantly, I hope everyone understands that this question was never meant in an offensive way, as made clear by my age, it's an honest one, I thank you for your replies!

There is a thershold that you have to reach to pay taxes (and a long jourhey to upload, tag and sell I guess...)
As a reference in my country is over 500 Euros. Below that you are covered not to report.
But of course everything e.g. Paypal to local bank transfers are monitored by tax office.

« Reply #23 on: February 06, 2020, 09:36 »
+4
Yes I pay taxes for my stock income for many reasons:

- It allows me to send the income to my main bank account, and eventually buy car, real estate...
- I get health insurance and retirement plan
- I don't want to end up in jail or with big fines
- Entities (banks, states, ...) exchange more and more data, and tax offices can look up many years backward to find some hidden income (5 to 10 years backward in my country), so you are never safe if you hide income
- I help develop my country (better schools, better heath system, safer roads, ...)

« Reply #24 on: February 06, 2020, 09:58 »
+8
Just do the right thing. You'll sleep way better.


 

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