Patreon, Paypal donations and taxes

[DisabledGeek89]

What is the name of your state? Virginia

How would I handle taxes from Patreon, paypal donations and other internet incomes from doing webshows? Do I handle it like any other income? My Father who works has someone who does his taxes. Do I just work with him on that? Any advice here is once again welcomed.

 

[LdiJ]

What is the name of your state? Virginia

How would I handle taxes from Patreon, paypal donations and other internet incomes from doing webshows? Do I handle it like any other income? My Father who works has someone who does his taxes. Do I just work with him on that? Any advice here is once again welcomed.

You would probably want to use the same preparer that your father uses. Most likely the income would be considered to be self employment income.

 

[zddoodah]

How would I handle taxes from Patreon, paypal donations and other internet incomes from doing webshows?

What's "Patreon"? And what does "donations" mean in this context? If these are payments to you in exchange for the ability to watch your "webshows," then they're not donations and are no different than any other income you receive for performing a service.

Do I handle it like any other income?

That depends on what other income you have.

My Father who works has someone who does his taxes. Do I just work with him on that?

Huh? Unless you're a minor, your taxes and your father's taxes have nothing to do with each other.

 

[PayrollHRGuy]

What is the name of your state? Virginia

How would I handle taxes from Patreon, paypal donations and other internet incomes from doing webshows? Do I handle it like any other income? My Father who works has someone who does his taxes. Do I just work with him on that? Any advice here is once again welcomed.

It is income and needs to be reported as such.

 

[PayrollHRGuy]

Patreon is a membership platform based in the United States that provides business tools for creators to run a subscription content service. It allows creators and artists to earn a monthly income by providing exclusive rewards and perks to ...

 

[Taxing Matters]

What is the name of your state? Virginia

How would I handle taxes from Patreon, paypal donations and other internet incomes from doing webshows? Do I handle it like any other income?

Those Patreon "donations" are self-employment income to you like all the other income you get from your web streaming, like advertising revenue, etc. So you add all that income together to determine your gross self-employment income. You'll deduct from that income the various costs you have in running the business. For full details, see IRS Publication 334.

My Father who works has someone who does his taxes. Do I just work with him on that?

Any competent income tax preparer can do the tax returns for this. If you want tax planning advice, which might help you save some money in taxes, I'd suggest a tax attorney or CPA with tax expertise (not all lawyers and CPAs are tax experts) for that.