I’m 17 and I have a website which generates a good income from affiliate marketing. I’ve closely read ToS of the programs I am using and they do not specify that I need to be 18. I’ve also contacted my bank and they told me that my bank account is under my name only and my parents do not have access to it. I use prepaid visa gift cards to pay for the website hosting.
Should I tell my parents about this income? Do I even have to tell them?
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Should I Tell My Parents About My Income?
Posted on October 30, 2010.
NO!! dont let them no youve money or theyll make you buy your own stuff!!! you certainly arent obliged to tell them by law
Well, depends. If your parents are the type that want to push you out into the world and make you independent, sure. if they are super-protective and are very restrictive, i would say no.
well, happy money making!
Nah your almost 18 anyway and it sounds like you preformed your due diligence so why rock the boat.
Why should you tell them about your income?
As long as you are not breaking any laws in your country, while using their computers, or household doing it….then you should be ok. However, if you are breaking laws, they could stand to lose their home.
Good for you though for earning your own income. I applaud you because a lot of other kids your age cannot be bothered and are instead holding hand out to mom or dad for money!
Well here’s a problem. I don’t know what you are making but if it is quite a bit, this could affect your parents on how they file their income tax. If they put you down as a dependent and you are making enough to pay your own way, then they may not be able to claim you.
You have a checking account and depending on the amount it can be reported to the IRS. So, if it isn’t illegal, then why not share this with your parents and let them see if it is something that needs to be reported for tax purposes.~~
If they see you buying things and spending money more than they believe you have they’ll start wondering where you got it. And the first suspicion that will come to their minds will be that you’re dealing drugs. Why don’t you just tell them. Maybe they’ll be proud.
I really like to talk to my parents about everything. They are my friends and I know that they want me the best, so I would talk to them about it. If I would have something that would work for me that would make me happy and I would enjoy to share my happiness with my parents. Why not???
Why so many people hate their parents and never shares anything with them? One day everyone will be a parent, will you be happy for your kid or you would be fine if they never say anything to you?
It’s a personal question and it really depends on your relationship with them.
It’s ok if you file your own taxes. If you don’t then your parents need to know, otherwise you will go to jail for tax evasion.
Alex
No. But you need to get an accountant on board, because the IRS will be all over you. SO get your accounting in order.
I can say, your parents might be very proud of what you are doing, and may be quite useful to you! I personally would share!
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