Do you have a CPA?

a CPA to help you pay taxes from SL profits? If so can you please send me an IM.

Thanks.

Drop some of your quesitons here, I've been an independent contractor most of my life and know a fair bit about taxes (for my own protection).

added: the game with taxes is about deductions. Never hide income, the IRS can smell income from 5 states away.

Unfortunately i dont have any one question. Im looking for a cpa who can do my forms for me. I need to file both GE and self employment tax, I have a basic idea of what I`m doing but need someone familiar with online territory so I dont end up paying for things I really do not need to etc.

I know there are people paying taxes from their SL profits, if they have a CPA id love to perhaps work with that accountant as well.

I was on the phone all day and every CPA i talked to said they were full and not accepting new clients at this time. Not only that but I`m sure SL is an unknown place to many and I`m sure there are things i pay in SL which i can be deducting and such.

You don't need a CPA, you just need a good tax professional who knows their stuff. Expect to pay around $300 to $400 depending on what forms you need done. There is no "online" territory. Income is income, no matter where you recieved it. The only questions are what can you legitimately deduct as a business expense incurred while earning that income. Most professional accounts have at least one client earning income off eBay or similar, they will know what you can deduct. Depending on what state you are in, look for someone licensed by the state. I can point you to someone good in California.

Yes, point me to them please. I need to get this paid asap. I`d appreciate it. You can PM me here.

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And from my understanding there is "online territory" when dealing with non-physical virtual goods. For example: I do not need to pay a GE tax on virtual goods that were purchased by people outside of hawaii, I only need to pay the GE if I were to service someone in Hawaii, which would be like 4%-4.5% of the sale price (Eg If I made a website for them, or sold them a good on ebay). since im trying to pay tax from profits I earned solely on SL (Which are granting ppl the right to use my creations), I do not owe GE tax, but I still need to file it (In hawaii, not sure about elsewhere, its required by law every business owner have a GE license). Since im not selling physical goods to hawaii residents and theres nothing to charge the hawaii tax of 4% to, I will be paying most of my taxes from Self employment tax (form 1040) which is the social and medicare.... Atleast thats what I got out of the conversation I had with someone from the hawaii tax office today

(This could be wrong but this is what I was told today)

Near as I can tell, GE tax is a Hawaii specific thing (which I won't know anything about.) Federal tax and state tax are two different animals. Self Employment tax is Federal - the way you reduce that is by reducing your taxable income via your deductions. So, you will owe Federal taxes on your SL income and Self Employment tax on the SL income as well - in addition to any state taxes that Hawaii wants to charge (everybody wants a cut of teh moneh!) You can certainly get the Federal stuff out of the way while you do some more research on the state GE tax, but you will definitely need someone local in Hawaii to give you guidance on the GE tax.

Hi, well thanks for the PM, I`ll contact her tomorrow.

The hawaii tax office told me straight out I do not owe GE tax after I explained to them what I do. They said the GE tax would be if I dealt with someone locally and took payments from them. Like if I set up a real life stall and sold t-shirts, I would owe GE tax on that sale. She said since my customers are out of state/oversees and im not personally doing business with a hawaii resident, that i owe $0 but she said I still need to file. She tried to explain it to me but the more I read the more confused I get.