2010 Close Out Information

[TangoTL]

Greetings fellow developers!

I just finished my first year of sales for my first app and have a couple of (hopefully) easy questions for taxes.

I read a while back to keep on top of the payment reports that Apple produces each month, so I have a spreadsheet that tracks payments to money received (in my bank account) for each month.

However, is Apple going to send a "official" year end form, or is that information enough for filing my taxes? I am going to go and see a tax accountant in a couple weeks, but I wanted to make sure that I provided all necessary information. Is there anything else I should provide?

I by no means made enough to have to pre-pay taxes quarterly (I believe), but I wanted to make sure I close out 2010 in the correct fashion.

Thanks for all your help!

[Kryckter]

Originally Posted by TangoTL

Greetings fellow developers!

I just finished my first year of sales for my first app and have a couple of (hopefully) easy questions for taxes.

I read a while back to keep on top of the payment reports that Apple produces each month, so I have a spreadsheet that tracks payments to money received (in my bank account) for each month.

However, is Apple going to send a "official" year end form, or is that information enough for filing my taxes? I am going to go and see a tax accountant in a couple weeks, but I wanted to make sure that I provided all necessary information. Is there anything else I should provide?

I by no means made enough to have to pre-pay taxes quarterly (I believe), but I wanted to make sure I close out 2010 in the correct fashion.

Thanks for all your help!

They will not send you a form, it is up to you to record and report the income.

You should pay quarterly taxes regardless of the amount, but from what I understand, it is based off a percentage of how much you make.

So if you make lets say 20,000 a year, and only made 500 on the app store, you should be fine for not paying qaurterly taxes and should not get fined...

This is just advice, please go see an accountant to get the facts... I may be wrong

[Profile]

If what you earned in app sales increases your income to where you no longer have 90% of your tax liability paid in, you will be penalized. (Unless you qualify for an exception, that needs to be figured by your accountant.)

This is only my 2nd month of selling apps, so I have no background with Apple, but don't they have to send us a 1099-misc? (At least for sales in the US.)

[forcesteeler]

Apple does not report your income. Its up to you to report it to uncle sam.

If there anybody you don't F*ck with, its the I the R and the S. If you don't report just make sure you put some money away for your Bail.