Do I Need To Pay Tax On Fiverr Income?

When a business owner pays someone of Fiverr, do they need to have the Fiverr freelancer fill out a 1099 form?

Thanks for the vid. So in other words Fiverr take 20% of your earnings and you also have to pay 20% taxes. So if a voice-over artist sells a job for $10 , they get $6.... great

Hi Mike, your videos are fabulous! I’m thinking of starting my voiceover business on fiverr and this is just what I need. Regarding taxes, do you know if Fiverr sends out a 1099 yearly?

Do you have to pay only the year end tax? Or there are more taxes?

In the US; If I make $5 on a gig, and Fiverr takes $1 of it, leaving me with $4... do I report earnings of $4 of $5 as far as taxes?

pay 20% taxes a lot , haha we don't have former government in our country, is there any way to reduce these taxes

Thank you so much for making this video!

Taxation is theft. Just throwing that out there.

I don’t even have a tax I’d

You cover a lot. Thank you so much

So what if I make $0

Hello Mike. Just want a confirmation about what I have researched. So, as a freelancer, I’ve learned the liabilities that I have to bear are tax and also commission (20% of gig earning). And basically, what I actually get will be about 60 to 50 percent from my earning, right?

Well I just opened up a gig on fiverr, and it was required for me to fill out a w9 form since i live in the US but I'm a dependent, so do I still need to pay those taxes at the end of the year?

So you only have to pay taxes based on your income? If I’m not making much money from my fiver business then I won’t have to pay a lot on taxes correct? I don’t want to jus throw away money for no reason.

Hey Mike!!!
Hope so u r doing fantastic

Can I connect to u directly!!!???

Hello Mike. Thank you so much for mentioning the tax topic. In fact, I think you are the only one mentioning it. In other videos they're only talking about big money and the "good" sides of a business. Cheers Mike!

What about the invoicing? To whom we will invoice, we do not have information about the customer, is it right for us to invoice Fiverr? How do you do it? Also, Fiverr don't give us invoice for their commissions, we'll invoice with the commission including or excluding? Thanks, Mike.

It depends. There's a minimum amount that you need to make in total from your "business" (and job if you have one) otherwise you don't need to file. In 2020 the threshold was 12,400.00 for a single person under 65, and 24,400 for joint filing, and even more if you have children. Also, keep in mind that these numbers relate to gross income which can include tax deductions, so, technically, if you can claim a room in your house for work purposes, then the amount you pay for that room is subtracted from the amount that you made for tax filing purposes. I've been advised by a CPA at H&R Block to not file taxes until I'm sure I'm near the green. Once you do indeed pay taxes on this income, it's far more likely the IRS will be expecting a return every year...so make sure you need to file first. I'm not a CPA, just passing on what I was told a couple years ago and I'm not sure if things have changed here in the U.S. since the new administration took over...I've heard all kinds of things 😂 but seen none of it on paper.