Do I Need to File Taxes for Website Income?
In short, the answer is an awkward, unpleasant resounding yes. I know it’s frustrating, but don’t shoot the messenger. Anyone who makes money is eligible to file a tax return and pay up. In some cases, even people who don’t have an income of their own have to pay. Children, as well as other dependents, may require to file their own tax. However, the rules set for their deductions do vary because their income being from a different source or conditions. So don’t think you can just clutch your well earned online spoils and gnash your teeth when they ask you to pay your tax. You can end up in trouble. A few guidelines provided below can help you grasp what you should do when paying taxes for website income. Furthermore, teaching you how you should do it.
If You Are Your Own Boss
Are you are self employed and provide services to people who are not your employer? Or are you the sole owner or partner of a business venture? If you make an income then you must file a return. The first step you have to do is to calculate and report your net profit, and along with this. The tax deductible varies with your earnings.
If You Work for Somebody
If you receive a steady income from the internet on a regular basis and make a significant amount of money, then you are again prone to the clutches of the IRAS. Anyone who works under or is part of a business must file their tax income return annually. This to determine whether they are qualified to get a refund of their tax or whether they should pay any tax at all. If your income is sufficiently low, then you’re safe. Then again, your income will have to be quite low for that to happen.
Don’t Pay for What You Can Save On
Since you make money online, the IRAS agrees that you do need the stuff to market your product. So they have given you something to be happy about. You have the option of writing off any tools or equipment you need for your online work. Just make sure you’ve still got the bill for the items you purchased.
Are your taxes due or overdue? Don’t have the money to pay for it? You can always look for us! Best Credit SG Pte Ltd (formerly known as Cing Dien) is a licensed money lender and has been in this industry for more than 30 years. Our experience will be able to provide you with the best loan package in Singapore.
As we have had many years of experience, we will be able to process your application fast and provide you with the cash almost instantly. For a loan, contact us at +65 6272 5538 or drop by our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372.