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jcampo

Tax Forms, Fees, Etc.

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Hi everyone,

 

Just to make sure, are we as sellers required to provide tax form information to Alamy?  I ask this because I see other similar contributor websites requiring this. As far as I understand, Alamy does not mention anything related to taxes.  Yet, they do mention something about fees, but I don't know if it is only from PayPal and/or Alamy, but I remember the terms saying that it is a very low amount, about $1 to $10, not sure.  If so, do I need to work this out first, and if I do, do I need to contact the IRS to request a form?  I have never worked officially for any company, so what would I need to do if am required to provide information to Alamy and/or the IRS?  Thank you.

 

Regards,

Javier

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1 hour ago, jcampo said:

Hi everyone,

 

Just to make sure, are we as sellers required to provide tax form information to Alamy?  I ask this because I see other similar contributor websites requiring this. As far as I understand, Alamy does not mention anything related to taxes.  Yet, they do mention something about fees, but I don't know if it is only from PayPal and/or Alamy, but I remember the terms saying that it is a very low amount, about $1 to $10, not sure.  If so, do I need to work this out first, and if I do, do I need to contact the IRS to request a form?  I have never worked officially for any company, so what would I need to do if am required to provide information to Alamy and/or the IRS?  Thank you.

 

Regards,

Javier

 

Unless you are a stock photographer with this as his main business I don't think you need to worry too much at the moment. When the time comes that you are starting to earn a substantial amount from your images with Alamy then that is the time for this sort of question.

 

My understanding is that you can make up to £1,000 a year from your hobby with out having to notify the tax office.

 

Others may differ.

 

Allan

 

 

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6 minutes ago, Allan Bell said:

 

Unless you are a stock photographer with this as his main business I don't think you need to worry too much at the moment. When the time comes that you are starting to earn a substantial amount from your images with Alamy then that is the time for this sort of question.

 

My understanding is that you can make up to £1,000 a year from your hobby with out having to notify the tax office.

 

Others may differ.

 

Allan

 

 

I assume that as he mentions the IRS, OP is in the US.

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8 minutes ago, spacecadet said:

I assume that as he mentions the IRS, OP is in the US.

 

Whoops! Sorry missed that.

 

Allan

 

 

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I have never filled out tax forms for Alamy and they do not report my earnings to the U.S. IRS but I add my Alamy income to my overall income and pay tax on it.

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What Michael said.

I add up all my payments at the end of the year and give it to my tax guy. If Alamy were a U.S. based company, I think it would be different. The U.S. based company would provide you the necessary form, even if you have to go to their website and download it.  That was the case for me with Fine Art America. Then I gave that to my tax guy.

Betty

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I use form 1040 Schedule C, for a business as a sole proprietorship. Income, deductible expenses, amortization of equipment--or I should say, our tax guy does that. 

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I guess it might depend on where you are located. I'm based in Canada and have not had to submit tax forms to Alamy, which is a UK company.

 

However, when I deal with US stock agencies, I have to complete an IRS form (W8-BEN) and supply a taxpayer ID number in order to avoid double taxation.

 

Regarding fees, if you opt to get paid via PayPal, Alamy covers the PP fees, which is very good of them

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My understanding is that you can earn up to $400 a year without having to pay self-employment tax.  The US does require paying self employment taxes of 15% or so percent if your reported net earnings are over that.  My bank reports my balance to the US IRS so if it started going over $400 a year, I'd be obligated for that. 

 

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16 hours ago, Betty LaRue said:

 

I add up all my payments at the end of the year and give it to my tax guy.

 

Betty

 

When you have added up your Alamy payments at the end of the year give it to ME, NOT your tax guy.🤣

 

Allan

 

 

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