ROYALTIES NOW TAXED!!!!???

[AsburyParkAngel]

So, CDBABY babay kept emailing me about my Tax info from my music sales. They ask for our Taxpayers ID and or EIN number. UNBELIEVABLE that they want our lousy coupla hundred bucks from our royalties! What do you fellow working (and some of us struggling) artists and musicians think about that? My nonprofit is a philanthropically outreach and production company in NJ.
What will they tax us on next!

[Casey H]

https://youtu.be/l0zaebtU-CA

[hummingbird]

They've always been taxed.

[Casey H]

They've always been taxed.

Yes. It' s just that some companies have been slow to comply so it seems like something is changing when they ask you for your tax ID info.

[RPaul]

So, CDBABY babay kept emailing me about my Tax info from my music sales. They ask for our Taxpayers ID and or EIN number. UNBELIEVABLE that they want our lousy coupla hundred bucks from our royalties! What do you fellow working (and some of us struggling) artists and musicians think about that? My nonprofit is a philanthropically outreach and production company in NJ.
What will they tax us on next!

They've always been gross income, and any profits (net income) would be taxed. The new thing is getting the 1099 forms (and that CD Baby and others will now be reporting the information to the IRS), but, even without the statements, you'd have been responsible for reporting the earnings. But you'll only end up paying taxes on it if you are making a profit. If not, your expenses will offset the revenue.

Rick

[cosmicdolphin]

In the UK you can earn up to £1,000 per year as a hobby income with no need to inform the tax man

[SubRivers]

In the UK you can earn up to £1,000 per year as a hobby income with no need to inform the tax man

I had no idea that was the case -I've shovelled about 1k to the tax man for no reason.

[cosmicdolphin]

In the UK you can earn up to £1,000 per year as a hobby income with no need to inform the tax man

I had no idea that was the case -I've shovelled about 1k to the tax man for no reason.

Oopsy....worth checking out

https://listentotaxman.com/uk-tax/tax-g ... ncome.html