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“If a man is valuable, his deeds will in some way outlive his life.” -Bill Loftus, Inventor
The Financial Freedom Foundation (F3) is a non-profit organization that teaches people how to create more passive income than their living expenses, so that they can quit living for a job and start dedicating their time and talents to giving back.
Personal financial independence is necessary in order to free up your time. However, financial independence is not the end goal, but rather an initial step, just the beginning step.
We’ll show you how to create $10k/month in passive income, so that you can cover your living expenses and quit your job, and then another $20k/month+ on top of that, so that you can have funds for helping other people. We have the tools to accomplish this, and we’ll show you exactly how to implement them. Money is very scalable, so you can actually get up into the millions, which will happen as your vision for what you want to accomplish increases.
Instead of trying to get wealthy people to become generous, we are teaching generous people how to create and control wealth, so that they can help others.
As to becoming a member in our Mastermind Group, we do not have any preferences as to age, gender, race, religion, level of education, or nationality … however, we are seeking people who:
If this does not describe you, don’t bother to continue reading.
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We hand select people to join our Mastermind Group. If you would like to be considered, we ask you to:
(The links to access the Details page and the Membership Application Form are found in the Free Reports, which you can access by entering your Name and Email address in the box to the upper right and clicking the “Give Me My Free Report Now” button)
We believe that it is the personal responsibility of private citizens to care for the poor, the hungry, the homeless, the sick, and the elderly. We invite people to take more initiative in doing so, using their private sector skill sets to do this more effectively. We believe that the solutions to global poverty, world hunger, homelessness, and almost all our social, physical, mental, and economic problems rest in the hearts and minds of private individuals acting generously.
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“Never doubt that a small band of committed individuals can change the world. Indeed, it is the only thing that ever has.” -Margaret Mead
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Question by : When taking “donations” for on the internet services (video game) do you want to pay taxes on that income?
When taking “donations” for on the internet services (video game) will you need to have yo spend taxes on that revenue or is there no taxes necessary because it is a “gift” donation through paypal.
Very best answer:
Answer by Wayne Z
Just calling one thing a “gift” does not make it a gift.
If you are soliciting cash for services, it is earnings and, as such, subject to revenue tax.
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Equality Jan 19 2012 - 9:46 pm
It is illegal for you to solicit donations. Only a Tax Exempt registered nonprofit may do so
Any funds you collect are Taxable to you as income and NOT considered a Gift
Bostonian In MO Jan 19 2012 - 10:22 pm
Those are neither donations nor gifts. It’s taxable self-employment income. You are providing a service and are being paid for it. That’s the textbook definition of self-employment income. How you are being paid is irrelevant.
Bobbie Jan 19 2012 - 10:58 pm
According to the IRS rules the above amounts that you mention for online services that you are providing in exchange for the $ amounts would be self employment income to you as a independent contractor with your own business operation that you now have going on at this time in your life.
Very good daily detailed written records and receipts of all of the ordinary and necessary expense of this business operation is one of the NEEDED requirements for any one that is involved in any type of self employed independent contractor business operation.
You would be a self employed independent contractor with your own business operation and your ORDINARY and NECESSARY business expenses that you NEED to have GOOD very good detailed daily written records of for this purpose will HAVE to be reported on each separate LINE of the schedule C of the 1040 tax form for this purpose and it is would be called your itemized business expenses if that is what you want to call the business expense.
And here you go using the below information should help you get started for your first year as a self employed independent contractor and as you progress and your business starts to grow you may even need some good professional assistance with it for your future.
Schedule C and the SE of the 1040 federal income tax return read each line when you start at the top of the page on the schedule C for your self employed independent contractor business operation your name is fine your social security number is fine and your present home address can all be used for this purpose just do NOT try to make it complicated and read each line and word and understand what it says and do what it says and then you should NOT have any problem.
You can also find the line by line instructions for the schedule C by using the http://www.irs.gov website and using the search box for the schedule C 2010 Instructions for Schedule C (2010) 2010 Table of Contents Profit or Loss from Business
http://www.irs.gov/instructions/i1040sc/…
Specific Instructions
http://www.irs.gov/instructions/i1040sc/…
BUT GOOD detailed records are really necessary for your business operation to succeed.
For your 1040 Federal income tax reporting you would use the below enclosed information for this purpose.
Use the search box at http://www.irs.gov for Publications and Forms for the Self-Employed
http://www.irs.gov/businesses/small/arti…
All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
Using a receipt book to make a receipt for each time that any one pays you in any way or item or trade for the amount of $ $ value that is received at that time and totaling the gross self employed income for the tax year with any other 1099-MISC income that is received after the end of the tax year and entering the total gross $ $ $ value amount on the schedule C line 1 GROSS receipts from your trade or business
In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
You would have to be sure that you handle your business deductions correctly for your business operation.
For instructions and forms go to the IRS.gov website and use the search box for publication 334 a very good place to start with examples.
Publication 463 Travel, Entertainment, Gift, and Car Expenses
Use the search box at the http://www.irs.gov website for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
Go to the IRS gov website and use the search box for the below referenced material
*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)
http://www.irs.gov/
http://access.wa.gov/business/taxes.aspx
Hope that you find the above enclosed information useful for your situation and good luck to you. 10/10/2011
tro Jan 19 2012 - 11:35 pm
of course,
you cannot receive donations unless you a non profit ORGANIZATION, approved by IRS
it is income to you
Judy Jan 19 2012 - 11:39 pm
Yes you do, you’re getting the money for providing a service.