I want to start livestreams and youtube as a hobby but i'm afraid of taxes free limit. To be honest i can't understand how tax free limit works.
So the questions are.
1: In my country the tax free limit is about 5.000to 8.000 euros. As far as i'm below this limit, the only thing i have to is to report my income from donations?
2: What happens if i extent the tax free limit? Then i have to register as an intepedent worker, get healthcare and pay each month 200+ euros? Or i can still just report my income and pay the necessary taxes?
@Random1__ wrote:
No, i'm Greek
That doesn't quite answer my question.
You are a "US Taxpayer" if you are a US citizen living anywhere in the world, a permanent resident (Green Card holder) living anywhere in the world, or a resident alien (non-citizen living in the US either with or without authorization). You must also file a non-resident tax return if you have US-sourced income, even if you are not a citizen and live overseas.
However, simply using a US-based payment service like PayPal or Streamlabs does not make your streaming income US-based. US-based income generally means you actually worked in the US, or you own investments in the US.
So I don't know why you are asking your tax question here.
The US also does not have a "taxes free" income limit. It doesn't matter if you were paid $1000 in a lump sum, or $1 by 1000 different people, that's $1000 of taxable income either way. But that won't be important to you unless you have US income to file a return on, or you are living in the US.