Will I get taxed on Itunes/Amazon earnings for my music?
-
I am an independent recording artist, and I decided that it is about time to upload my work to Itunes, Amazon, Napster and others, to make a bit of profit off of it. My only question is if I will be taxed on any earnings. Considering that I will only be getting less than a dollar per song sold and I am an independent artist, it wouldn't seem fair to be taxed on a recording of my voice with a beat attached when I completely created the arrangement myself. But then again not everything is fair right, so perhaps I'm dreaming lol. I know that in most cases if you make above a certain amount of income, then you have to pay taxes, is it the same with music earnings?
-
Answer:
The vendor may 1099 you and then you can pay at the end of the year.
Mike at Yahoo! Answers Visit the source
Other answers
Yes, you will be taxed on your earnings. Music business is still a business. I'm attaching a link that might be a little helpful to you but here's some simple basics: 1. If you make over $400 in self employment income, you need to report it. 2. If you make over $400 in self employment income, you will have to pay self employment tax on it.(That's in addition to your regular income tax.) 3. If you have self employment income, you'll file a schedule C with your form 1040 tax return. You can deduct your business expenses such as studio time, sheet music, guitar strings, etc. to reduce your business income. Good luck.
Related Q & A:
- Will I be taxed on my overseas income if I am resident in France but work overseas?Best solution by Yahoo! Answers
- What privileges will i get if i study engineering in France?Best solution by Yahoo! Answers
- If i point a green 50MW laser at a wall without eye protection, will I get blind or damaged?Best solution by Yahoo! Answers
- Will I and when will I get my extended unemployment benefits?Best solution by Yahoo! Answers
- If I apply for disability will I get it?Best solution by ssa.gov
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.