Must Bloggers pay taxes on their profits?

I have heard that many people will be looking to cash out some of their earnings on April 30. Cool

Therefore, FanBox has been rushing to get some clarity from the Internal Revenue Service before that date, and I am happy to announce the following new rules -- effective today, April 22nd. Until further notice:

(Got questions? I encourage you to forward any questions you have -- about how this may pertain to you -- to your tax advisor, as I am not and cannot provide you with tax advice).

13389 Comments

great, if there will be an income, hopefully... of course you will pay taxes

64 months ago

things to sort out

64 months ago

Disclaimer:

Here's my best answers, although I am not a tax adviser - please check with your adviser:

Ivy: Yes, U.S. residents will need to pay it themselves if they don't have FanBox take it out.

Melvin: You will get all of your cash out; you need to talk to your own government, although FanBox will not report your earnings or anything to your government.

Way to go Rose! You are faaaasssssttttt!!!!!!!

64 months ago

Those are great points, Angel!

If you work in your jammies like JoLynn does :) perhaps you can deduct the cost of your jammies!

I also know that, if you work out of your house, you can deduct some of your rent or mortgage -- because that's your place of business! Again, only one guy's opinion and I am not an adviser.

64 months ago

THANX SIR I AM FROM INDIA N NOW I THINK I'LL RCV FULL AMOUNT. ONE THING MORE I WANT TO BRING IN UR KIND NOTICE, THAT " MY CASH OUT IS STILL PENDING PLS REALEASE THE AMOUNT.
THANKS
REGARDS
ATUL DIXIT

64 months ago

Atul, this is not customer service. This is a blog post. Blog posts have topics, and people talk about those topics in the comments. But they don't shout out requests for customer service in those posts - they write to customer service to get that.

64 months ago

If I don't provide a W-9 to fanbox and they just send the withheld money to the IRS, how would the IRS apply the withholding to me with no social security number? For the money to be applied to me I would think the IRS would need all of my information, otherwise it seems it might go into limbo??

63 months ago

When I started blogging, Fanbox asked me to fill out a W-9 before I could even cash out. Fanbox will have to send everyone out forms and have them fill it out before they can get paid, especially if the total YTD earnings is greater than $500. Fanbox won't withold any taxes, but they will report the amoounts to the IRS and send you a 1099-Misc, which you will have to report as income on your tax returns. Fanbox is probably preparing for this as we speak because people will want to cash out at April 30.

63 months ago

Thanks for the continuing info.

63 months ago

thanks J.C. for the good information!

62 months ago

Good info..thanks! :-)

60 months ago