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When you take checks to bank do you pay taxes?
Please share your experience
Noximus




msg:550047
 10:39 am on Feb 27, 2004 (gmt 0)

Hi all,
Dear affiliates Outside the USA,
When you take checks to bank do you pay taxes?
When you get wire transfers do you pay taxes?
Do you declare at tax paying institution that you have income? or do the bank tell you that you have to pay the tax?

Please share your experience, It would be very appreciated.
In advance thank you for any comments regarding tax paying and online marketing outside the USA.

Noximus

 

Essex_boy




msg:550048
 1:34 pm on Feb 27, 2004 (gmt 0)

IM in the UK and I only pay taxes once a year (thank god) I dont pay them directly when I bank a cheque and im pretty sure that UK banks dont report your normal transaction to IR.

What I do actually do is put x% of each cheque in a seperate account so I can pay my taxes on time and without worry.

If you have a good accountant youll only pay a small percentage of your income in tax, beleive me its worth being truthful with the tax man. I a guy who fell foul of them once.

happyallday




msg:550049
 2:21 pm on Mar 1, 2004 (gmt 0)

I am worried about this
I am in Canada, how to deal with this?
do we have to fill out the W-8BEN form?

Noximus




msg:550050
 4:18 pm on Mar 1, 2004 (gmt 0)

I'm in germany.
I've the same problem as you.
Is it obligatory in Canada to fill W-8BEN form?

happyallday




msg:550051
 6:32 pm on Mar 1, 2004 (gmt 0)

to: Noximus

I guess we have to filled out the W-8BEN form ,otherwise CJ.com may charge you 30%
see quotes:

This form certifies that as a non-US resident, your earnings are not subject to US tax. Without this form, Commission Junction may be required to withhold 30% of a publisher's payments

So we have to

Noximus




msg:550052
 6:59 am on Mar 2, 2004 (gmt 0)

I'm affiliate of CJ for several months. I've not filled W-8BEN form. But I think they don't take any taxes from me. Do you think that they take taxes and it is not reflected on my balance?

FillDeCube




msg:550053
 11:37 pm on Mar 2, 2004 (gmt 0)

if you are making like > 20K USD per month, I suggest you to setup an offshore company.

wheel




msg:550054
 9:54 pm on Mar 4, 2004 (gmt 0)

That W8-BEn (or I think there's a w9 too) is for the benefit of the US company dealing with you, it makes no difference to you in Canada.

In Canada you don't have to pay tax on that right away - but you will have to declare it on your income and pay tax on it at the end of the year. It's not free money, sorry. In short, track it and declare it.

Then (again, in Canada) if you have to pay more taxes than a certain limit - I think $2000 - they want you to pay installments on your taxes the following year. So if you made $8000 from US sources and had to pay $4000 taxes that year, the govt will want $1000 a quarter the following year as they'll be expecting that you will earn the same $8000 the following year, and don't want to wait for their money.

I think it gets more complicated when you start owning companies both sides of the border but that's when you need an accountant involved.

happyallday




msg:550055
 3:40 am on Mar 5, 2004 (gmt 0)

Thank you, wheel
it's really complicated, but maybe I should talk to an accountant later, because I don't do well in affiliate now.

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