For the year 2006 and year 2008 I earned probably ,000 USD in advertising from my website. I have not filed taxes on these earnings. This year I only earned about 00 from a regular day job.
My question is will I be able to use that adsense revenue as income and possibly get a return back? I don’t have any children.
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When you earn more than 400 in Self employment income the IRS requires you to file. The 8000 fits this definition. You will most likely be paying taxes to recover Social Security Tax & Medicare tax that normally an employer pulls out for you.
You only get a return on what you paid to the government.
You have two options:
Do the right thing: file an amended return for both years and PAY taxes for the income you made.
Act like it never happened and pray you don’t get audited.
You’d only be able to get a refund if you had paid some money in for estimated taxes. In your situation, you OWE tax.
If you are 25 or older, you might qualify for $326 in EIC.
This will help you pay the $1130 you will owe in SE tax.
You MUST file tax return if your income is $400 or more.
You are self employed. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html
You should have been reporting that income to the IRS, and NO, you would NOT get a refund on it! You only get a refund if your employer has withheld too much money from your paychecks, so that the amount withheld is higher than the amount of taxes you actually owe.
Your income from your Web site was earned through self-employment, so you should have been paying quarterly estimated payments on it. You haven’t been paying ANYTHING to the IRS, even though you should have been, so rather than being entitled to a refund, you will *owe* some money.
The right thing to do would be to file a revised return for 2006, including the income from your Web site, and then to include all the income you earned from the site this year when you file your 2008 taxes.
Next goto any site that has links to your show you’re using. I use surfthechannel.com but there are so many more out there. Find your site and bookmark or save the page that should have your show listed by season and links to each episode.
good quality subject , search this from blogsearch after that good luck for you.
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You know mate, I posted about this very subject earlier on my own weblog. Your article has really given me some food for thought, I think that you have made many intriguing points. I wish I had seen it earlier, before I wrote my own blog post.
, sparky13.
Many thanks