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Liberapay has been compared to Patreon. [11] Unlike other crowdfunding platforms, Liberapay does not allow creators to reward their patrons. This difference in the nature of the transactions has tax implications. For example, Patreon collects VAT on all payments made from inside the European Union [12] whereas Liberapay does not. [13]
Patreon charges a commission of 8 to 12 percent of creators' monthly income, in addition to payment processing fees. Patreon is used by writers, videographers , webcomic artists, video game developers , podcasters , musicians, adult content creators, [ 3 ] and other kinds of creators who post regularly online. [ 4 ]
The rate of the tax is measured as the Electronic Single Side Rate (ESSR). [18] The ESSR is the tax rate charged to each individual. If the ESSR were 1%, then both parties to a transaction would pay the 1% tax. If a person were transferring money from one account to another, each account would pay a rate of 1%.
The particular tax consequences of a donor's charitable contribution depends on the type of contribution that he makes. A taxpayer may contribute services, cash, or property to a charity. There are a number of traps, especially that donations of short-term capital gains are generally not tax deductible.
Always refuse to pay a debt without a legally required "validation notice," as well as the name of the creditor, amount of the debt, and the caller's name, address, and phone number.
Tax noncompliance is a range of activities that are unfavorable to a government's tax system. This may include tax avoidance, which is tax reduction by legal means, and tax evasion which is the illegal non-payment of tax liabilities. [1] The use of the term "noncompliance" is used differently by different authors. [2]
You pay taxes on the initial deal at $30,000 and would probably have to pay capital gains tax on the difference that increased since the original deal.” Credit: Getty Images (SOPA Images via ...
The 1998 Internet Tax Freedom Act is a United States law authored by Representative Christopher Cox and Senator Ron Wyden that established national policy regarding federal and state taxation of the internet, based upon its unique characteristics as a mode of interstate and global commerce uniquely susceptible to multiple and discriminatory taxation.