How is tax on online income calculated? Do any of you pay tax on the income earned income? If yes, how do I go about filing my returns for the money I make on the internet and how much percentage is deductible as tax?

yea i also had the same question. I am making a good amount of money each month with hyips and i would like to know how to file these taxes. Can anyone with experience help me with this.

If you are earning a lot online, you really should file taxes. You file them as self-employed. Self Employment Tax is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. And only the first $106,800 are subject to SE Tax. I think the tax rate is around 15% for self-employed.
You can file your taxes online.

GO CHECK YOUR COUNTRY OF RESIDENCE GOVERNMENT TAX/ INLAND REVENUE WEBSITE....?

(ASK A LAWYER) usually any money in to your country will be tax deductible unless there are "special cicumstances"
that allow less taxation... or relief in full!

examples setting up offshore incorporations / charitable trusts etc...

CHECK OUT THE LEGALITIES

RESEARCH! LEARN! APPLY!

Just like what I've said a month ago, you file them as self-employed. It is up to you if you want to include that to your income or not. But of course, in the US, IRS will go after you if they find out you're earning online and you did not disclose it.

Different countries have different taxation laws so you will have to ask your local tax advisor for complete details. Also make sure that the HYIP you are investing with have real trading or real business because income from ponzi HYIP are illegal in most countries.

Different countries have different rules for online income. Please let us know which country you are based?

In Singapore, if the source of your online income is overseas and the money is not deemed as remitted to Singapore, then usually you have tax exemptions on such income.

Most likely, it will always be up to the person if they want to declare it or not. Honesty is always the best policy anyway.

hi...

anybody here from canada? how do i need to file taxes earned in online HYIPS & is it legal to invest with? i don't know any lawyer here. any help would be appreciated. tnx so much!

any taxation which would apply to you will depend entirely on your country of residence for tax purposes.

As several other posters noted, not all countries tax income the same way.

Some tax based on residency while others tax based on territory.

If in doubt, you should consult an expert local to you licensed to provide you with professional advice which can be relied upon.

In any case always ensure you comply with the tax laws that apply to you.

Tax laws vary from country to country. You should do research and consult a business tax professional that is knowledgeable about the tax laws for your country. And don't go to a personal account who knows nothing about business taxes -that's this biggest mistake ever! Be sure to consult with a business tax professional only so that you can get every tax break the law allows. Generally speaking tho, if you receive tax documents from online earnings such as 1099s, then that is a strong indicator that you need to file taxes on the income.

i would recommend consulting with your accountant...dont know if i would choose to not declare my online income,
seems a bit risky to dodge taxes like that

Every country has different tax policy and you can conform about tax on online income from nearest tax office but I don’t think so that any person declared their online income because it’s risky for you and your income also.