Re: Commercial Games - Tax Implications?
Joseph you're right about the yearly profits changing. It can mess someone up quite a bit if they aren't expecting it. The way I have my gamer accounts set up, people aren't really renewing them every year. There is that extra "free" month, people don't get charged for months they don't play, and most people bought in the later half of that first year. What ended up happening was that almost everyone bought their accounts in year 1, then didn't have to renew until the beginning of year 3 (this year)... skipping that second year entirely. I should have seen that coming, but I also didn't quite know how all this tax stuff worked at the time either. I found myself starting year 2 with thousands in taxes to pay off, a crazy $700 bill every 3 months, and basically no side money coming in from the business anymore. Needless to say, I barely pay my bills before all that so I was totally and utterly scr ewed. It will probably be a few years before I dig myself out of the hole I put myself in with that, haha! tongue Live and learn.
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