My new “income” situation is poised to begin in a week, and there are a lot of questions that no amount of time poking around at the IRS website has managed to resolve. I’m still in the dark about my responsibility to help the IRS steal from me, and I’m looking for some free expert advice or, lacking that, a bit of direction.
The last thing I want to do is screw up how I pay taxes under these new circumstances. I’ve had freelance, gig economy-like income in the past, but not in any significant sum. I could just declare it as additional income alongside my regular work income. Beginning in October, the majority of my income will be from donations passed through GraniteGrok (or GiveSendGo), and how, when, and how much gets reported matters.
Taxes will need (should be) paid quarterly, I get that. Fees and fines are not in my budget, so I want to avoid those. The nature of the relationship between the funding (donors), GraniteGrok, and myself (as a part-owner) needs to be explained from a tax perspective so we understand who reports and pays what, why, and when.
I will add that whoever helps us navigate this successfully could get hired to do Grok’s taxes. Skip has been doing them, but we are in a situation where things are getting too complex, and we are probably not reporting allowed deductions to taxable income; I feel certain we’re paying more taxes than we should, helping the IRS steal more from us.
If you have experience wrestling with the current IRS code and are willing to offer a few minutes of pro-bono help working out the details of my new income arrangement, it would be greatly appreciated. I am willing to offer some free advertising space on GraniteGrok in exchange for that assistance if you are doing this professionally.
You can email me at steve@granitegrok.com.
Thanks!
