Author Topic: Taxes (Read 4792 times)

pixelbrat · « **on:** October 30, 2006, 15:20 »

It's getting close to that time of year again and even though I'm happy with my stock earnings, I'm suddenly a bit scared of the taxes I'm going to have to incur due to my new income. I know SS and DT send out 1099's but does anyone know if Istock does? I tried searching their forums but any threads that mentioned taxes quickly got locked.

I thought Istock was a Canadian company so wasn't sure if they had to or not. I'm pretty tax-illiterate so forgive me in advance if these are stupid questions. (which is why my accountant will be consulted this year...)

leaf · « **Reply #1 on:** October 30, 2006, 16:01 »

it would be helpful to know which country you are in.

Perhaps United States?

I know in canada there is a box that says 'other income' with a line for a description of what it is. I would just stuff everything in there and write stock photography.

Unless of course you are self employed by your photography, then it is a different story.

I know also in Norway, (where i am living now) you can earn up to X amount as a 'hobby' before you have to pay any tax on it.. so you could check that out as well.... however then you wouldn't be able to write off any of your expenses either.

yingyang0 · « **Reply #2 on:** October 30, 2006, 16:04 »

I don't believe iStock sends out tax info to foreign governments. You still have to pay taxes on income from their site though, if your total photographic income is over $400. (I assume you're a US citizen). There is no way around it and because Getty now owns iStock, if you get audited by the IRS it will be easy for them to get your records.

pixelbrat · « **Reply #3 on:** October 30, 2006, 16:22 »

Oops, I'm sorry. Yes, I'm a US citizen. Fortunately or unfortunately, my earnings are over the $600. (in the US I think you have to report anything over $600) I forgot about Getty owning them now. I knew I would have to pay taxes on it, just curious if they sent the 1099. I guess it's a moot point regardless. Thanks for the info.

dbvirago · « **Reply #4 on:** October 30, 2006, 16:45 »

The good news that your accountant will tell you is that if you report this income on a schedule C, then anything used to generate that income (the camera you took it with, the computer you are processing them on) is tax-deductable. Where it gets sticky is the line between business and hobby, and even the IRS is a bit sketchy on that one.

http://www.irs.gov/businesses/small/article/0,,id=99239,00.html

leaf · « **Reply #5 on:** October 31, 2006, 02:01 »

and if you have a seperate room for your 'office' or 'studio' in your house that is used just for that, you can write off a part of your rental or mortgage payment (you can in norway anyhow)

yingyang0 · « **Reply #6 on:** October 31, 2006, 17:20 »

Or you can pull a welsey snipes, and just not pay your taxes.

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Author Topic: Taxes (Read 4792 times)

pixelbrat

leaf

yingyang0

pixelbrat

dbvirago

leaf

yingyang0

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