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Adrian Nelson
Forums Member
Joined: 22 Jun 2009
Posts: 2
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#1 · Posted: 22 Jun 2009 17:56
Hello everyone - I have noticed that several posts deal with whether to report income earned on the Internet. My advice would be to never underestimate any tax authority.
They have several mechanisms to cross-reference revenue streams - even those earned on the Internet. It is too high of a gamble to take - and why would you want to?
Good ethics are the cornerstone to any profitable and lasting business. What do you all think?
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johnjimat
Forums Member
Joined: 31 Mar 2009
Posts: 357
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#2 · Posted: 23 Jun 2009 12:25
Hi there Andrian,
Welcome to the forum. thanks for sharing. i dont know anything about the tax  . are we have to report our income on the internet?
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Adrian Nelson
Forums Member
Joined: 22 Jun 2009
Posts: 2
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#3 · Posted: 23 Jun 2009 13:39
Hello John,
Assuming you reside somewhere in North America, you are required to report your "world" income - which includes that earned on the Internet.
You should always keep copies of the sales that you make, including the customer, item and date sold, the amount (with applicable taxes separate) and method of payment. Remember that if you are keeping a proper set of books and records, these deposits should flow through to your bank statements.
I understand that both US and Canadian tax authorities are working diligently to encompass unreported Internet income into their possible audit arena.
I hope this helps!
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Newbie Shield
Joined: 22 Sep 2007
Posts: 2226
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#4 · Posted: 23 Jun 2009 20:30
Hi Adrian,
My stance is to report all income.
~Newbie Shield~
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mediafreak
Forums Member
Joined: 8 Jun 2009
Posts: 21
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#5 · Posted: 27 Jun 2009 14:56
if you have accurate reports of income you can judge what to put your resources into, like Product A vs. Product B. If you don't know how much is selling of what, you don't know which products to develop more of.
Also, if you are running low on cash and your income figures aren't accurate, you may find yourself running out of cash to pay your bills. Some of the benefits of being a straight A business fellow 
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real estate investment seems to be a marked territory now in the wake of the recession. but with careful planning, one can make calculated risks.
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