Reporting CCBill Income for US Taxes?

[Skylark]

From past gfy posts I've found that ccbill basically is a service so they do not send out 1099s, and it is up to "the client" to report their earnings to the irs themselves.

So for those experienced with CCBill, do you report ccbills processing fees as a business expense?
And if so do you report the amount of money earned with ccbill before the processing fee deductions? or the 'paid-out' amount minus the deductions.

Or do you just report the money paid out minus processing fees, with no ccbill business expense deductions.

Hopefully that made sense

[ErosNightshade]

I tend to think that if anyone does not report ccbill income to the IRS, they won't say that here... nothing like drawing attention to themselves about it.

In general, if you make $600 or more in a year from any line of business, it must be reported. I would add any adult-related income together from all sources to determine this, if it were me (note that I am not a CPA or anyone qualified to give tax advice).

If you want to hear about my personal experience, I own a small corporation (S-Corp) and I have a CPA handle all of my bookkeeping and accounting, so I will be reporting any CCBill, etc. income as revenue for tax purposes.

This is one of those cases where I would take anything anyone says with a big grain of salt, since taxes are very complicated and you shouldn't believe everything you read on the net. I suggest going to a tax professional so they can review your specific situation to determine if it's reportable income (and your deductible expenses).

[Skylark]

was thinking there was a standard way of reporting.
but thanks for the response.

[LoveSandra]

paying taxes ?
wtf is wrong with you

[Joshua G]

Originally Posted by Skylark

From past gfy posts I've found that ccbill basically is a service so they do not send out 1099s, and it is up to "the client" to report their earnings to the irs themselves.

So for those experienced with CCBill, do you report ccbills processing fees as a business expense?
And if so do you report the amount of money earned with ccbill before the processing fee deductions? or the 'paid-out' amount minus the deductions.

Or do you just report the money paid out minus processing fees, with no ccbill business expense deductions.

Hopefully that made sense

you should double check with a CPA, however either method you select you will end up with the same taxable income number. The only case it would not wash is if somehow your business expenses do not deduct 100% off your taxable income.

[Zaphieon]

if you do report your income from you site.. remember to report your write off's as well.. if you work from home.. well your rent/mortage, your internet cost, your hosting cost, your equipment if you shoot your own content, if you have to travel alot your car, gas, lunches with clients.. etc.. 1099's are a bitch to deal with

[wild johnny]

Originally Posted by Zaphieon

if you do report your income from you site.. remember to report your write off's as well.. if you work from home.. well your rent/mortage, your internet cost, your hosting cost, your equipment if you shoot your own content, if you have to travel alot your car, gas, lunches with clients.. etc.. 1099's are a bitch to deal with

If you are going to itemize your business expenses then itemize them ALL and deduct that from your gross earnings. That would include listing the expenses that you are referring to.