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Jim Henderson wrote:
> Corporation != Non-Profit Organization, though. I'm talking like a 503
> (c) organization.
Sure it is. It's just taxed differently in return for not giving monetary
benefits to shareholders.
> But if you publish 10 different books, each through a different
> publisher, and only make $500 from each one, then it's not reportable
> income and you don't owe taxes on it. At least that's my understanding.
I'm pretty sure you owe tax on it even if it's not reportable. Otherwise,
you wouldn't pay income tax if you had 10,000 customers a year each buy $20
of stuff from you.
>> And if you're actually a corporation, you certainly have to report all
>> your payments even if they didn't get reported.
>
> But again, corporation != non-profit.
Yes, it is, in the US. Or at least it can be, and usually is. Actually, I'm
even pretty sure that in most states, *first* you set up the corporation,
then you show the bylaws to the IRS and they decide whether you can be
counted as a non-profit.
Granted, there may be different sets of fees for NPOs and C-Corps or
S-Corps, but you still need directors, corporate books, separate tax filing,
and so on.
> Then you're probably in a better position to comment than me. ;-) I've
> only taken the payments, but what I've written is my understanding based
> on my experiences.
Did you take them as an individual, or a corporation, or what?
One payment of $500 to an individual will likely not get you in trouble.
You're supposed to report it, but there's no proof.
--
Darren New, San Diego CA, USA (PST)
There's no CD like OCD, there's no CD I knoooow!
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