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tax question

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4:40 pm
January 6, 2014


Edward Antrobus

Fort Collins, CO

Member

posts 1008

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?

 I'm looking for editors, beta-readers, and some demographic research for my upcoming novel, Once Upon a Saturn Moon. If you like reading soft sci-fi thrillers, maybe with a touch of romance thrown in, you can find more information at http://seampublishing.com/once…..aturn-moon

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5:37 am
January 9, 2014


MoneyIsTheRoot

Member

posts 1456

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.

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9:42 am
January 9, 2014


Eric – PersonalProfitability.com

Portland, OR

Member

posts 2120

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).

10:13 am
January 9, 2014


Edward Antrobus

Fort Collins, CO

Member

posts 1008

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.

 I'm looking for editors, beta-readers, and some demographic research for my upcoming novel, Once Upon a Saturn Moon. If you like reading soft sci-fi thrillers, maybe with a touch of romance thrown in, you can find more information at http://seampublishing.com/once…..aturn-moon

If You Can Read, You Can Cookhttp://www.ifyoucanread.com | Think you can't cook? If you can read this sentence, then you can.

SEAM Publishinghttp://www.seampublishing.com | eBook formatting and publishing service

7:21 pm
January 9, 2014


debtroundup

Raleigh

Member

posts 190

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.  

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9:50 am
January 15, 2014


Eric – PersonalProfitability.com

Portland, OR

Member

posts 2120

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

3:32 pm
January 15, 2014


Edward Antrobus

Fort Collins, CO

Member

posts 1008

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.

 I'm looking for editors, beta-readers, and some demographic research for my upcoming novel, Once Upon a Saturn Moon. If you like reading soft sci-fi thrillers, maybe with a touch of romance thrown in, you can find more information at http://seampublishing.com/once…..aturn-moon

If You Can Read, You Can Cookhttp://www.ifyoucanread.com | Think you can't cook? If you can read this sentence, then you can.

SEAM Publishinghttp://www.seampublishing.com | eBook formatting and publishing service

11:52 am
January 17, 2014


debtroundup

Raleigh

Member

posts 190

I just did the preliminary tax basis and that bill is going to hurt. With more income comes more taxes!

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3:22 pm
January 17, 2014


Edward Antrobus

Fort Collins, CO

Member

posts 1008

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)

 I'm looking for editors, beta-readers, and some demographic research for my upcoming novel, Once Upon a Saturn Moon. If you like reading soft sci-fi thrillers, maybe with a touch of romance thrown in, you can find more information at http://seampublishing.com/once…..aturn-moon

If You Can Read, You Can Cookhttp://www.ifyoucanread.com | Think you can't cook? If you can read this sentence, then you can.

SEAM Publishinghttp://www.seampublishing.com | eBook formatting and publishing service

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