Fiverr Forum

US sellers only


#1

How do you handle taxes for your business? I’m new to this world and have no clue where to start if this turns into something decent for me. Any and all tips/advice is encouraged.


#2

@ceceliavo - The BEST thing to do is spend a little money and make yourself (can be your name) a LLC or S.CORP or something along those lines. As @beatcraigslist said, nothing under $600 matters (check your local state rules). I personally claim everything I make under “One Creative Geek”…but I also write off/against the business everything that I do. I work from a home office…so part of my home taxes, utilities, mortgage, etc are covered. I save receipts for everything because maybe it was a “business lunch” or you had to drive to meet with a client. Basically by saving everything, you can counter anything you claim as income as a business expense to create a loss for the company. Did you buy a new camera…business expense for you. When I did this, it took a few years before I was making enough to worry in my ventures…but its never a bad idea since everything can be used to help your takes at the end of the year.


#3

Bear in mind, this income will be “Self-employment income” so you may very much want to connect with a tax professional. You could be responsible for paying both side of your Social Security payroll deductions.



If your income is high enough, you will already exceed the social security cap.


#4

Don’t forget me when you buy your Ferrari ok? =))


#5

Check with your tax pro, but I dont think you need to report anything under $600. Once you make more than that, just add it to your regular income as an outside income. Once you get to the big bucks, then call me and I’ll help you spend it. =))


#6

Thank you all :slight_smile:


#7

@onecreativegeek thank you! I wouldn’t even know where to start or how to get organized : / but I don’t think I’m doing anything “big” right now.


#8

…but you never know. The best thing is that if you create a business you can write off most of your bills anyway. In the end this all helps you to get more back at the end of the year!! :slight_smile:


#9

Don’t forget me when you buy your Ferrari ok? =))


#10

Check with your tax pro, but I dont think you need to report anything under $600. Once you make more than that, just add it to your regular income as an outside income. Once you get to the big bucks, then call me and I’ll help you spend it. =))


#11

Thank you all :slight_smile:


#12

@onecreativegeek thank you! I wouldn’t even know where to start or how to get organized : / but I don’t think I’m doing anything “big” right now.


#13

…but you never know. The best thing is that if you create a business you can write off most of your bills anyway. In the end this all helps you to get more back at the end of the year!! :slight_smile:


#14

Don’t forget me when you buy your Ferrari ok? =))


#15

Check with your tax pro, but I dont think you need to report anything under $600. Once you make more than that, just add it to your regular income as an outside income. Once you get to the big bucks, then call me and I’ll help you spend it. =))


#16

Thank you all :slight_smile:


#17

@onecreativegeek thank you! I wouldn’t even know where to start or how to get organized : / but I don’t think I’m doing anything “big” right now.


#18

…but you never know. The best thing is that if you create a business you can write off most of your bills anyway. In the end this all helps you to get more back at the end of the year!! :slight_smile:


#19

Don’t forget me when you buy your Ferrari ok? =))


#20

Check with your tax pro, but I dont think you need to report anything under $600. Once you make more than that, just add it to your regular income as an outside income. Once you get to the big bucks, then call me and I’ll help you spend it. =))