Question: myself and a buddy have been running a website and been earning commission through my account on CJ. The end of the year is here and I am beginning to think about taxes. Generally, after a month, I would give my buddy 50% of his share of the checks we get from CJ, but I just realized that a lot of this will have to go to the govt. What is the best way to pay the govt. and my buddy at the same time?
CJ and taxes?
- Thread starter bleedx2
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Who's name is the account under? Usually that person will have to put the entire amount on their taxes as income and then on schedule C - business expenses - put the 50% as contract labor or whever you see fit.
And then the other person will list only the 50% as earned income, coming from the other partner.
Go to H&R Block or something.
And then the other person will list only the 50% as earned income, coming from the other partner.
Go to H&R Block or something.
next time register an llc. you only pay 15% tax and it's easy to do the taxes for it. (almost what you'll be doing right now)
But yep, zipfur's got the right answer for you.
But yep, zipfur's got the right answer for you.
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