. "Once you hit that $400 threshold, you have to include it on your tax return for self-employed activity in what is called a self-employment tax," he told Business Insider.
And once you're a business owner, you have to start behaving as such: keeping a separate bank account and credit card for business expenses, and tracking income and any money spent on maintaining the business. You don't need an elaborate system to do this, says Pickering — it can be "as simple as when you buy something, take a picture of the receipt and stash it in a folder.
For instance, Slack said, brand-provided trips are considered taxable income. The fair market value of the flights, hotels, and anything else that's provided should be counted as earnings. "It's always important to know that $400 level can be hit in cash payments," Slack said, "but let's say one of your sponsors provides you free products — technically, the market value of that free product is also considered taxable income.
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Oh yes. Don’t try claiming for guard-dog dog food if you own a Westie. (Great dogs, god-luvem but not as attack dogs 🙂) (Ackchually... if I’m wrong feel free to flame me, I have broad shoulders 😀
Government didn't tax soo much might be more money for R&D and job creation and not a windfall for owners. Cough cough LOL Government shouldn't be a place to get rich instead of career politicians more like profiteering ones today.
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