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Tax season is here, need advice.

Discussion in 'General Business' started by Imtrying, Jan 26, 2017.

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  1. #1
    First of all, tax season is upon us, over a year ago I started making real money online and now comes a huge tax bill so I need advice on how you guys do it?

    Let's say I earned $100,000

    Let's say it 95% profit.

    Should I register it as a business or just pay taxes as an individual?

    Business vs individual is nearly 20% difference but I hear as a business you pay the normal 17% plus another 30% if you want to cash out the rest and use it for non-business purposes?

    I don't really know the whole concept other then if I don't register it as a business I have to pay close to 40%.

    I earned money via Adsense and native ads.
     
    Imtrying, Jan 26, 2017 IP
  2. jrbiz

    jrbiz Acclaimed Member

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    #2
    Answering your question will really depend on what country you are located in.
     
    jrbiz, Jan 26, 2017 IP
  3. Imtrying

    Imtrying Active Member

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    #3
    Canada
     
    Imtrying, Jan 26, 2017 IP
  4. jrbiz

    jrbiz Acclaimed Member

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    I cannot help with Canadian tax laws. Hopefully, someone else can. We certainly have DP-ers from Canada.
     
    jrbiz, Jan 26, 2017 IP
  5. unlimitedoptions4us

    unlimitedoptions4us Greenhorn

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    #5
    Hi:

    You would be better off talking to 2-3 accountants familiar with taxes and small internet based businesses in Canada.
    Any advice you get here may be from someone who doesn't know Canadian tax laws.

    Good Luck,

    Dan
     
    unlimitedoptions4us, Jan 27, 2017 IP