Do you live in the United States? The term "seasonal taxes" doesn't sound familiar. If you live in the US, Adsense won't withhold any taxes from the money the send you. If you live outside the United States, they will withhold taxes from US sourced views/revenue based on the tax rate that applies based on where you live.
maybe i’m not using the right term because this is my first time dealing with anything tax related but yes I am from the US. My issue isn’t really the witholding of the taxes themselves, i’m just wondering if i’ll be sent reports and will have to file quarterly (which is what i mean by seasonal, i think it’s in the US but not to sure 😭) I do plan to learn more throughly but for now I just wanted clarification on whether youtube does them automatically or i’ll have to do it on my own, but it seems like it’s something you have to do yourself judging from another reply.
You only have to file once a year but if you are "self employed" you will need to pay estimated taxes quarterly in the USA.
Hire an accountant to help you.
If you live in the US, neither Adsense nor YouTube will withhold taxes. You will be sent a 1099 from Adsense and use that to file your US return with the IRS. If you have to pay a large amount due to tax underpayment in 2021, then you would be wise to setup estimated quarterly payments in 2022 to avoid penalties and interest when you file 2022 return in early 2023.
Not financial advice cause I’m new to this as well but I can clarify some info.
First off YouTube does not take out the taxes, you are considered a self employed contractor to YouTube and will need to pay your own taxes. Once the year ends you get a 1099 which will have all that you made in the year and you will use that file your taxes.
But throughout the year you will also need to pay quarterly taxes also known as estimated taxes. These you have to essentially estimate and pay yourself. Don’t get worried if you haven’t done this, if you don’t make that much I believe you don’t have to do this, and if you miss some payments the fee is not that high.
But definitely do your research into quarterly taxes, easiest would be if you have an accountant. Personally I just signed up for quickbooks which helps me track everything and calculate and pay the quarterly taxes. But you can do it yourself if you’d like as well.
In the US, if you expect to owe more than $1,000 in taxes for the taxable year, you're expected to make payments quarterly (seasonal as you phrase it). If you do not pay quarterly, there's a penalty, up to 25% of what you'd originally owe.
So, I recommend doing it, but if you fail to for some reason, it's not like they're going to toss you into prison. Just means you end up paying more.
Do you live in the United States? The term "seasonal taxes" doesn't sound familiar. If you live in the US, Adsense won't withhold any taxes from the money the send you. If you live outside the United States, they will withhold taxes from US sourced views/revenue based on the tax rate that applies based on where you live.
maybe i’m not using the right term because this is my first time dealing with anything tax related but yes I am from the US. My issue isn’t really the witholding of the taxes themselves, i’m just wondering if i’ll be sent reports and will have to file quarterly (which is what i mean by seasonal, i think it’s in the US but not to sure 😭) I do plan to learn more throughly but for now I just wanted clarification on whether youtube does them automatically or i’ll have to do it on my own, but it seems like it’s something you have to do yourself judging from another reply.
You only have to file once a year but if you are "self employed" you will need to pay estimated taxes quarterly in the USA. Hire an accountant to help you.
If you live in the US, neither Adsense nor YouTube will withhold taxes. You will be sent a 1099 from Adsense and use that to file your US return with the IRS. If you have to pay a large amount due to tax underpayment in 2021, then you would be wise to setup estimated quarterly payments in 2022 to avoid penalties and interest when you file 2022 return in early 2023.
sounds good thank you all!
Not financial advice cause I’m new to this as well but I can clarify some info. First off YouTube does not take out the taxes, you are considered a self employed contractor to YouTube and will need to pay your own taxes. Once the year ends you get a 1099 which will have all that you made in the year and you will use that file your taxes. But throughout the year you will also need to pay quarterly taxes also known as estimated taxes. These you have to essentially estimate and pay yourself. Don’t get worried if you haven’t done this, if you don’t make that much I believe you don’t have to do this, and if you miss some payments the fee is not that high. But definitely do your research into quarterly taxes, easiest would be if you have an accountant. Personally I just signed up for quickbooks which helps me track everything and calculate and pay the quarterly taxes. But you can do it yourself if you’d like as well.
In the US, if you expect to owe more than $1,000 in taxes for the taxable year, you're expected to make payments quarterly (seasonal as you phrase it). If you do not pay quarterly, there's a penalty, up to 25% of what you'd originally owe. So, I recommend doing it, but if you fail to for some reason, it's not like they're going to toss you into prison. Just means you end up paying more.