> If anyone wants to send donations I can accept them through Western Union or if you
> are in the states you could send cash or checks. I got one today through Western
> Union thanks to Sonic. It's more trouble than a paypal click and they charge a higher
> fee but I don't get taxed so it's an option. PM if interested.
Hey, not to beat a dead horse, but are you aware of the IRS annual exclusions for gifts?
Supposedly, a person can give a gift of up to $14,000 (for 2013) to as many people as they choose ($14K each) every year without either party having to pay any taxes. As long as the money is truly a gift, and the donor doesn't get back anything in exchange for it. More info...
http://www.irs.gov/Businesses/Small-Busi...s-on-Gift-Taxes
So basically, all the donations (gifts) should not be considered income under IRS rules as long as the amount donated coming from a single person is less than $14,000. However, if you resell boards that you've purchased and make a profit, then the profit is taxable, but you know this. There's separate rules for hobby income and losses though, and I think the tax rates are different.
GroovyMAME support forum on BYOAC
|
Index 
Flat 
Re: DU Update: Something old and something new
Reply
