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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2185
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am an expert on this site, in the automotive field.

Customer Question

Hello, I am an expert on this site, in the automotive field. I am also a new expert and new to the site. Do I need to withhold any money for taxes from my earnings I make by answering questions on this site?
Submitted: 5 months ago.
Category: Tax
Expert:  emc011075 replied 5 months ago.
Hi. My name is ***** ***** I will be happy to help you. Yes, your earnings from this site is taxable income and you will need to report it. This site will not withhold any taxes and will not issue your 1099Misc. You can make some estimated payments if you really make a lot, I usually increase my withholding at work to cover it. You will need to keep track of your income yourself. You will report your earnings on schedule C, you will be allowed to deduct reasonable expenses like percentage of internet use, books, publications, printing and such. Your net profit will be subject to self-employment tax as well as regular income tax.
Expert:  emc011075 replied 5 months ago.