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Taxes - Reporting Side Income

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Posted 01-14-2013, 05:16 PM

xur17

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Taxes - Reporting Side Income

I have a few places I earn side income from (Ebay / Adsense). It is my understanding that I can fill out a Schedule C or Schedule C-EZ to cover for these (based on a few factors). Can I combine all of my side income sources onto one Schedule C, or do I have to file a separate one for each?

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01-14-2013, 07:32 PM

BreakingTheBank L3: Novice Member sinceOct 2012 Posts204 Reputation 44 Followers 1 + Give Rep	How much are we talking? $3,760 Bank Scams YTD
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01-14-2013, 07:55 PM

vaultaddict

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Do you treat them as one business?

I would.

Quote from skiman

I can't escape the mental picture. theblaze.com is very clearly some sort of information anus yet some posters seem eager to attach their lips and deliver the product here.

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01-14-2013, 08:48 PM

xur17

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Quote from vaultaddict

Do you treat them as one business?

I would.

Mentally I treat them as 2 separate "hobbies" (one's a site, and one's selling stuff on Ebay). I'd prefer to just group all of my "hobbies" as one business, unless there is some reason I shouldn't.

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How much are we talking?

Several thousand.

Last edited by xur17; 01-14-2013 at 08:50 PM.. Reason: Automerged Doublepost

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01-14-2013, 09:39 PM

rebat L9: Master Member sinceNov 2004 Posts5,105 LocationWestern USA Reputation 441 Followers 0 + Give Rep	Doesn't ebay send 1099s now? Predicting the next Footlocker F&F
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01-14-2013, 09:51 PM

xur17

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Quote from rebat

Doesn't ebay send 1099s now?

Paypal sends them if you have over 200 transactions, and $20k, which I don't.

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01-15-2013, 05:45 AM

B9FYwspP8J85 L3: Novice Member sinceMar 2009 Posts178 Reputation 64 Followers 0 + Give Rep	You should do multiple schedule c's from each type of business/activity because the irs doesn't want people disguising losses from one business against the gains of another business. source [theledger.com]
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01-15-2013, 06:40 AM

jostle L5: Journeyman Member sinceMay 2006 Posts706 LocationSan Antonio, TX Reputation 182 Followers 0 + Give Rep	To be safe you can use a discrete form for each one, but as long as you show or get your income to account for all the money you will be fine. Basically, just make sure you actually have the total you are being taxed on equal all you income streams to properly calculate the tax.
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01-15-2013, 07:33 AM

xur17

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Quote from B9FYwspP8J85

You should do multiple schedule c's from each type of business/activity because the irs doesn't want people disguising losses from one business against the gains of another business.

source [theledger.com]

Quote from jostle

To be safe you can use a discrete form for each one, but as long as you show or get your income to account for all the money you will be fine. Basically, just make sure you actually have the total you are being taxed on equal all you income streams to properly calculate the tax.

Thanks! I'd really prefer to group all together (none of them are losing money), since it would be easier for me, and I'd be able to fill out a schedule c-ez. Also, if I fill out multiple schedule c's, I assume they expect me to fill out another one for the same business the next year?

And I will be receiving a 1040 for the site if that matters.

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01-15-2013, 08:42 AM

PiratePenguin zoomzoomin Member sinceDec 2008 Posts3,938 LocationCaptain Morgan's Ship Reputation 915 Followers 2 + Give Rep	I was under the impression that < $500 not to worry about, but I would report it anyways as other income in turbo tax when I had a website making about $400/year in adsense.
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#11

01-15-2013, 10:12 AM

MNGuy183 L3: Novice Member sinceAug 2011 Posts294 Reputation 85 Followers 1 + Give Rep	Filling out the schedule is relatively painless since you will have to gather all the information whether it's on one form or two. I would recomend doing it on two just to be safe since the incremental workload and complexity is not that great.
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01-15-2013, 01:03 PM

xur17

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Quote from nizzy1115

I was under the impression that < $500 not to worry about, but I would report it anyways as other income in turbo tax when I had a website making about $400/year in adsense.

Anything under $400 isn't reported to the IRS from Adsense, but that doesn't mean you shouldn't claim it on your taxes. That just means you are unlikely to get caught.

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#13

01-25-2013, 01:11 AM

mikve

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Quote from rebat

Doesn't ebay send 1099s now?

Has nothing to do with 1099!

It depends on the nature of the business if its two different businesses it should go separate.

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#14

01-25-2013, 06:18 AM

ViciousTide

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doesn't it suck, how the more you work, the more taxes they take?

How to Start Living a better Life Smilie

1) Have Expenses <<< than your income
2) Invest your money to increase you passive income
3) Get your free time back to develop better relationships with those you care about!
4) Find inner peace from your past, for your future, and for your happiness with freeing your chains in the present!
5) Start questioning the Media and Government, to make sure they are generally on a right path for existence and moral standing.

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Taxes - Reporting Side Income