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Microstock Photography Forum - General => Off Topic => Topic started by: Goofy on January 27, 2014, 17:08

Title: Yearly Income and Tax Questions
Post by: Goofy on January 27, 2014, 17:08

Do most of you just use the Paypal final numbers to figure out your yearly 'Net Income' total?  Also, if you receive income (i.e. PP from iStock) from the last month of the year but it doesn't get received in your paypal account until the following year do you count it towards the previous year or current year?

Title: Re: Yearly Income and Tax Questions
Post by: PhotoBomb on January 27, 2014, 18:45

cash accounting - when I get it I report it.

Title: Re: Yearly Income and Tax Questions
Post by: Sean Locke Photography on January 27, 2014, 20:03

Quote from: PhotoBomb on January 27, 2014, 18:45

cash accounting - when I get it I report it.

Same.

Title: Re: Yearly Income and Tax Questions
Post by: ShadySue on January 27, 2014, 20:11

Quote from: Goofy on January 27, 2014, 17:08

Do most of you just use the Paypal final numbers to figure out your yearly 'Net Income' total?  Also, if you receive income (i.e. PP from iStock) from the last month of the year but it doesn't get received in your paypal account until the following year do you count it towards the previous year or current year?

I guess it depends where you live. I can count all my income from the tax year as the tax year ends on 5th April, but we have until the following Jan 31st to file our paperwork.
So indeed, I use the Paypal figures, though the currency conversion confuses things a bit, as I'm tempted to hold my earnings in US$ until the exchange rate is good, and I don't know how that would go down.