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  1. #1
    Hikari silver trophy artistsneverdie's Avatar
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    Sitepoint contest [altered]...

    Hey guys,

    question removed...

    Thx!
    Last edited by artistsneverdie; May 1, 2005 at 03:51.
    www.hikaridesign.com | Contemporary Design
    Won some awards here once upon a time...

  2. #2
    Non-Member bronze trophy geniusgoalie's Avatar
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    I don't think so, but you might want to contact a local accountant, just to be sure.

  3. #3
    SitePoint Wizard silver trophy someonewhois's Avatar
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    I think they are. It's income, doesn't matter how you get it.

  4. #4
    Hikari silver trophy artistsneverdie's Avatar
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    @ your custom user title geniusgoalie. You should be subsidised by Sitepoint for the outstanding work you do
    www.hikaridesign.com | Contemporary Design
    Won some awards here once upon a time...

  5. #5
    SitePoint Wizard trampt's Avatar
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    As far as american tax law is concerned you have to report all income, which would include income won for doing design work here on sitepoint. Although I do think it has to be over a certain amount. Check with an accountant.

  6. #6
    Non-Member bronze trophy geniusgoalie's Avatar
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    Quote Originally Posted by artistsneverdie
    @ your custom user title geniusgoalie. You should be subsidised by Sitepoint for the outstanding work you do
    I wish...

    Anyway on second thought I think someonewhois is correct. All income is taxed, with the exception of the lemonade stand. However, laws may be different in the UK. We'll need to get a brit in here to tell you that though.

  7. #7
    SitePoint Wizard silver trophy someonewhois's Avatar
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    Actually the lemonade stand is also taxable. That's income. If you made a crazy living (read: $750,000/year) on your lemonade stand, I'm pretty sure the IRS would be coming after you.

  8. #8
    Non-Member bronze trophy geniusgoalie's Avatar
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    Quote Originally Posted by someonewhois
    Actually the lemonade stand is also taxable. That's income. If you made a crazy living (read: $750,000/year) on your lemonade stand, I'm pretty sure the IRS would be coming after you.
    Someone actually made that much on a lemonade stand?

  9. #9
    SitePoint Addict Antonbomb22's Avatar
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    anything is taxable, even your birthday money. so yeah its taxable but i dont think they'll come after u unless its like $1,000 ++ but i would always consult an accountant first.

  10. #10
    Hikari silver trophy artistsneverdie's Avatar
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    my poor birthday money :'(

    not that i get any anymore as I'm too old :'( :'(

    looks like i'll have to get an accountant....
    www.hikaridesign.com | Contemporary Design
    Won some awards here once upon a time...

  11. #11
    SitePoint Wizard silver trophy someonewhois's Avatar
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    Quote Originally Posted by artistsneverdie
    looks like i'll have to get an accountant....
    That's the safest way.

  12. #12
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    Here in Australia (so this is australian based advice) you probably wouldn't worry about it as you work could most likely be defined as a hobby and not a commercial venture seeing as you haven't even begun trading under your own name or a business name yet.

    I imagine that there are quite a few deductions you could make against the income from the contest such as your internet connection, depreciation of your computer and computer software, electricity, rent, startup costs for your freelance business such as registration fees, etc that would effectively make it a loss and as it at this point probably not pulling in much money would be deemed a hobby.

    That makes it a non-commercial loss which can't even be deducted against other income you might have earned (say from a day job) until your freelance becomes a commercially viable business at which point you can deduct your accumulated non-commercial losses.

    In Australia we have something called a windfall gain where if you win a prize in a lottery or competition the prize is generally non-assessable which means it does not need to be declared as income. This does not include prizes won in ordinary lotteries such as the major lotto draws you see on tv. So if you were here you wouldn't declare your winnings.

    Hope that helps somewhat.


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