Posted by kyhayman on December 24, 2012 at 11:28:01 from (75.104.128.54):
In Reply to: 2013 Taxes posted by Whizkidkyus on December 23, 2012 at 12:44:25:
Hmmmm, I'm guessing the 21% is what its costing him in taxes. But, you are getting income from him, not google so it will appear that its taxable to you as well. The amount is small enough that it would be below gift tax but not tax deductable to the business then.
I think a better, safer, and more nearly legal approcach with me being neither accountant nor tax attorney is for him to file schedule C on the internet business. Half the income is yours, which would come off schedule C as a business deduction. so you would get the full half you've earned with no deductions for taxes. Then its taxable income to you on your return. In his case, his taxable income is his net profit, which has your half taken out. As it stands now you are paying taxes at his rate and potentially again at your rate.
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