Registered: 1375038367 Posts: 541
Reply with quote #1
It's that time of the year folks! Time to fire up TurboTax, Credit Karma, or the tax software of your choice and figure out how much money we either a) owe Uncle Sam, or b) loaned Uncle Sam interest-free.
Does anyone here have sufficient bridge event revenue that it now has US IRS tax implications for you? How are you handling it, if so? LLC? Schedule-C? Don't mean for this to go political: just really wondering about where "hosting an Artemis bridge" ends up in the income tax forms. I got a 1099-K from my credit card vendor, and presume I have to do something with it, none of which looks fun. __________________ ---- Visit us at http://www.ltebridge.com
Registered: 1375205710 Posts: 1,850
Reply with quote #2
The 1099-K is just a report of income from a CC place - it should already be factored into your self-employed profit and loss. It's more a record for archival/auditing purposes than anything you need to file specifically.
If you're getting money from hosting events, then you're technically self-employed (or part of an LLC, if you've filed that paperwork). The profits from events counts as income, while the wear, tear, transportation, and lodging are all expenses. (I.e. you need to file Schedule SE to account for all profit and losses.) __________________ Note - this is in no way intended to be an official position of Thom or Artemis, as I am not an official representative of the creator or game.
Registered: 1378442429 Posts: 35
Reply with quote #3
It is the same here in Canada, we are all sole proprietors. We are lucky because we have an accountant who's a member in the fleet. As our Chief Financial Adviser told us, you must report all income to Canada Revenue Agency. So, reporting "other revenue" on Line 130 on your income tax return form is essential. Unsure, contact an accountant is what I recommend.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-130-other-income.html p.s. I'm not an accountant or financial adviser, this is just for direction and for forum historical purposes.