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If you charge for a coupon class, what are the legalities/paying taxes requirements?
Hi, I have been couponing for a while, and am trying to get things together to teach a coupon class. While I know that you can teach a free coupon class at local areas, I had a few questions about when you charge someone for the class....
1) If you charge people for your class, are there any legalities to charging? Meaning do I need a business liscense to charge?
2) If I do or do not need a liscense, am I required to pay/claim taxes on the money received from the students in the class?
I am just concerned that if I don't know what's "legal" then I will begin doing these classes, and years down the road, the IRS will come knocking at my door saying that I owe money and that I can't teach because I don't have a business liscense.
I would love some help from anyone who has taught classes and charged money, and how they handle all of that. Thanks so much- I appreciate it
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It's like garage sales, many places don't require you to get a permit but some do, at least I have heard.
As for taxes, you should report what you earn on your yearly income tax. Of course, you need to deduct expenses so if you do give quite a few classes, you are, in effect , like a business and you'd have to do the entire profit/loss Schedule C. But if you do it occasionally, you are consulting and you would just report your gross earnings less legit deductions - but again it depends on how often you do it. And is it your only income?
If you are self employed and make more than $400, you are required to file. You would then need to pay social security taxes on that as well.
It's not an easy question to answer as you can see. It depends on various variables. You can also call the IRS for free as well and ask them if you are unsure. I just tried to give you a few things to ponder.....in no way am I covering everything.
hope it gives you something to start with.
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I wish someone would do one in the Kansas City area.
Dillons- SW Region
Egglands Egg coupons
Tyson Chicken Sandwich
Angel Soft TP
Land O Lakes butter
Adult type cereal
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