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taxes questions... (NRR)

crazypoprockcrazypoprock 1,037 Posts
edited April 2006 in Strut Central
maybe now is a good time for a general taxes forum...while it's late but not too late!so here's my situation:before last year i quit my 9 to 5 and started interning at a recording studio...i only really started getting paid at the studio beginning this year...so last year i got by on my savings and tax refund and help from my mom...and then plenty of ebay selling and some djing (which i'd consider more of a hobby). i was planning on not filing this year...what would that mean? if i file...do i claim ebay? i'm not sure what to do...

  Comments

  • CousinLarryCousinLarry 4,618 Posts
    maybe now is a good time for a general taxes forum...while it's late but not too late!

    so here's my situation:

    before last year i quit my 9 to 5 and started interning at a recording studio...i only really started getting paid at the studio beginning this year...so last year i got by on my savings and tax refund and help from my mom...and then plenty of ebay selling and some djing (which i'd consider more of a hobby). i was planning on not filing this year...what would that mean? if i file...do i claim ebay? i'm not sure what to do...

    If they owe you money and you don't file they don't care, but if you made any money and the IRS can find out they will want it and they will make you pay. You can file free online and it takes like 15 minutes. I say just do it.
  • crazypoprockcrazypoprock 1,037 Posts
    yeah, i'm thinking strongly towards filing...just not sure how much income to claim and what expenses to deduct...i buy records every day...not sure what to do regarding those expenses and then ebay doesn't let you search back further than a month now...and not sure how far back paypal can go...basically i didn't keep good records...if any!
  • mylatencymylatency 10,475 Posts
    Paypal can go back for 1 year, maybe 2?

    File them to the best of your knowledge, better to be safe than sorry.
  • hammertimehammertime 2,389 Posts
    Paypal can go back indefinitely I believe, and actually if you go to MyEbay and go to your account or something you should be able to go all the way hack for that too (at least WRT selling). I don't know how much you made selling on ebay but if you didn't work anywhere and you didn't get a W2 from anyone I'm not sure that you have to worry about it.
  • CousinLarryCousinLarry 4,618 Posts
    Paypal can go back for 1 year, maybe 2?

    File them to the best of your knowledge, better to be safe than sorry.

    Yeah, if you file and fuck up you can claim ignorance, but if you don't file you are fucked.
  • Garcia_VegaGarcia_Vega 2,428 Posts
    If you got a W-2 from an employer file, if not, don't, unless you made over $40Gs in the year there is no way they are going to audit you.
  • crazypoprockcrazypoprock 1,037 Posts
    now that's the kind of advice i like to hear!
  • bull_oxbull_ox 5,056 Posts
    If you officially earned something less than like 12K during the year (and it sounds like thats a possibility) you're not required to file

    If you report some income you'll probably have a pay a crippling amount of taxes on it

    And I don't think anything you've done would lead the IRS to be curious about you
  • JustAliceJustAlice 1,308 Posts
    Ok...Heres my question.

    So saved all my sales slips for all vinyl purchases. I have a regular bartending job, and a side job doing the clubs booking in which I receive a 1099-misc. Is it possible for me to claim my some of my ebays sales and write off the Sales reciepts I have?? Should I not include the ebay stuff and write it off under the 1099 since it doesnt specify what my job was. I could always claim djing to right? I have no idea how it works and just tried to figure it out but I have all the wrong forms...Is this harder than Im making it or Can I do this at all??
  • DJFerrariDJFerrari 2,411 Posts
    Ok...Heres my question.

    So saved all my sales slips for all vinyl purchases. I have a regular bartending job, and a side job doing the clubs booking in which I receive a 1099-misc. Is it possible for me to claim my some of my ebays sales and write off the Sales reciepts I have?? Should I not include the ebay stuff and write it off under the 1099 since it doesnt specify what my job was. I could always claim djing to right? I have no idea how it works and just tried to figure it out but I have all the wrong forms...Is this harder than Im making it or Can I do this at all??

    I'm doing this. My income from DJing last year was like 25 cents, but my "expenses" were... well, let's just say a lot more! I'm only doing this because with my real job and real income, I owe a shitload of money and am trying to get it down. I do Turbo Tax online and have been for years. It's real easy to add stuff like that. Do it!

    DJ Ferrari
  • keithvanhornkeithvanhorn 3,855 Posts
    does anyone here get a w-2 from a regular job and still pay taxes on the money they make djing on the side?

    i think i asked this question last year but phrased it in the negative and the response was basically...

    OR
  • emyndemynd 830 Posts
    does anyone here get a w-2 from a regular job and still pay taxes on the money they make djing on the side?

    DJ money? "I did that shit for fun, not payment, your honor!"

    I'm pretty sure Cosmo is a full-time, tax-paying DJ and that's the realest shit I've ever heard in my fucking life.

    -e
  • gloomgloom 2,765 Posts
    If you got a W-2 from an employer file, if not, don't, unless you made over $40Gs in the year there is no way they are going to audit you.

    i would have to disagree. my hommay referees soccer most of the year, and i guess the league claimed something on him, even though he only made about 3-4 thousand. the IRS found out and are trying to get money from him, etc.

    so if this studio is paying you, i would talk to them. thats the only thing i would worry about. if an BUSINESS is paying you money, they may record that shit, and might be letting the IRS know, so you kind of need to check around.
  • dCastillodCastillo 1,963 Posts
    If you officially earned something less than like 12K during the year (and it sounds like thats a possibility) you're not required to file

    are you absolutely sure about this?

    Do I not need to sell records on ebay?
  • bull_oxbull_ox 5,056 Posts
    If you officially earned something less than like 12K during the year (and it sounds like thats a possibility) you're not required to file

    are you absolutely sure about this?

    Do I not need to sell records on ebay?

    Aw shit... you know what, I don't have any taxbooks handy and its been so long since I made so little I can't elaborate any further. But it states clearly somewhere early in the booklet what the minimum you need to earn to file is. I'd suggest looking that up.

    And listen to MUTHA'S NATURE while you do it.
  • JustAliceJustAlice 1,308 Posts
    Ok...Heres my question.

    So saved all my sales slips for all vinyl purchases. I have a regular bartending job, and a side job doing the clubs booking in which I receive a 1099-misc. Is it possible for me to claim my some of my ebays sales and write off the Sales reciepts I have?? Can I do this at all??

    I'm doing this. My income from DJing last year was like 25 cents, but my "expenses" were... well, let's just say a lot more! I'm only doing this because with my real job and real income, I owe a shitload of money and am trying to get it down. I do Turbo Tax online and have been for years. It's real easy to add stuff like that. Do it!

    DJ Ferrari

    Yo Ferrari! I took your advice, thank you so much! I thought I was going to owe a gang load of money as well and was looking to make deductions to slim it down. After calling some local tax preparers which all quoted me at around $200.00 for the kind of forms I needed to fill out, I checked out turbotax.

    It took about an hour to make sure I was hopefully doing it right. I still dont have any idea if I did ..but who freakin cares! Now it seems they are sending me back a Very Pretty Penny!!

    That money will really save my ass right now and doing it that way saved me like 140 bucks. Im super excited..now I can get my car on the road and bring forth some REAL diggin' competition once again!


    DigDug..When you mentioned Muthas Nature I thought about Compost 'Inflation Blues' for songs about Taxation. I threw her on the ol' round-a-bout...but since I'm not really that blue about it I put on 'Country Song' as well..kinda more grateful deadesque then I remember. Still though, I havent listened to that album in a long time. It was one of my first "blind" purchases and one that I was really stoked on.


    Forgive me if I am out of line for speaking about records in a NRR thread.
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