Yakezie.com - Topic: tax question https://yakezie.com/forums/personal-finance/tax-question-1/ Simple:Press Version 4.5.1 Edward Antrobus on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98290 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98290 I just did the preliminary tax basis and that bill is going to hurt. With more income comes more taxes!

While I didn't earn enough to warrant posting quarterly taxes, I always made sure that I deducted the appropriate percentage to put into a separate savings account. I did my preliminary analysis as well. I will be getting almost nothing back from the IRS, but I have a grand already in the bank waiting for me to spend! (on debt reduction, mostly)

]]> Fri, 17 Jan 2014 15:22:01 +0000 debtroundup on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98285 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98285 I just did the preliminary tax basis and that bill is going to hurt. With more income comes more taxes!

]]> Fri, 17 Jan 2014 11:52:53 +0000 Edward Antrobus on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98247 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98247 Eric - Narrow Bridge Finance said:

Speaking of taxes, got my 2014 stuff finished for all of my businesses, including Narrow Bridge. Big year over year gain! Woo hoo!

Congrats! I roughly tripped my revenue from 2012 to 2013.

]]> Wed, 15 Jan 2014 15:32:56 +0000 Eric - PersonalProfitability.com on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98239 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98239 Speaking of taxes, got my 2014 stuff finished for all of my businesses, including Narrow Bridge. Big year over year gain! Woo hoo!

]]> Wed, 15 Jan 2014 09:50:45 +0000 debtroundup on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98198 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98198 Yep, that is just simple cash accounting.  You don't count it until you actually receive it.  Since you can't use Fiverr as a bank account, then you shouldn't consider the balance as income.  

]]> Thu, 09 Jan 2014 19:21:53 +0000 Edward Antrobus on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98185 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98185 Thanks. I'll file it under my 2014 income. I use cash accounting, but I didn't know if funds in a Fiverr account counted as cash like funds in a Paypal account are.

]]> Thu, 09 Jan 2014 10:13:27 +0000 Eric - PersonalProfitability.com on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98184 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98184 For big companies, they would count it as 2013 because that is when it is earned (accrual accounting). In your case, though, it isn't any big deal to count it as January, as that is when the cash was received (cash basis accounting).

]]> Thu, 09 Jan 2014 09:42:26 +0000 MoneyIsTheRoot on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98181 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98181 I would treat it as 2014 income. At least thats how I handle it...I dont think funds credited to your fiverr account is of any concern to the IRS.

]]> Thu, 09 Jan 2014 05:37:37 +0000 Edward Antrobus on tax question https://yakezie.com/forums/personal-finance/tax-question-1/#p98145 Personal Finance & Lifestyle https://yakezie.com/forums/personal-finance/tax-question-1/#p98145 I've got a tax question that I'm not really sure how to word to actually get an answer from search engines.

 

A lot of my online income has been coming from Fiverr. For work that was completed in November & December, funds were credited to my Fiverr account in December and I requested withdrawal to my PayPal account on December 31. I should be receiving the funds in my PayPal account this week (and then will transfer to my bank account to probably arrive there early next week.

 

So my question is does that income count towards 2013 or 2014?

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