For the older folks in here, does fiver give out W2 at the end of the year, if so around what date? I am doing very well on here,
Ok thanks, Im tracking my income of course but was curious on how they do it, thanks
I’ve never gotten anything regarding taxes or taxable income from Paypal probably because they have no way of knowing the source of the money being put into your account or whether it qualifies as income. They don’t do payroll or bookkeeping, at least on personal accounts.
If you’re a citizen of a country with an income tax, and that country found out about a PP account with funds, I suppose they could subpoena records if they wanted to find out if this was an account holding taxable funds. In other words, you’ve still got to do your taxes!
Like Ben Franklin said (even though he didn’t really say it), ‘Nothing is certain but death and taxes.’
In the US at least in most states, it’s considered a “hobby tax” unless it exceeds your main income from another job and you would report it when you exceed a pretty substantial amount. At your rate, it would be best to report it around the same time you do your normal taxes. Since Fiverr isn’t your employer, there would be nothing for them to send out. Paypal however once you exceed a certain amount of income will disclose your earnings to taxing places so it’s best to definitely report your earnings on taxes or you’ll result in owing fines for not mentioning it.