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Publishing and Taxes?


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#1 JarodMenace

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Posted 10 March 2016 - 01:07 AM

So I have a question, there is a game I plan to release for commercial purposes, but was wondering if I would have to pay taxes for publishing my game say on Game Maker Player, Itch.io, or Steam to name a few?

 

And how would this Taxation work?


Edited by JarodMenace, 10 March 2016 - 01:07 AM.

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#2 ImJoe

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Posted 10 March 2016 - 01:49 AM

Are you expecting to make over a certain amount of income from this?


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#3 JarodMenace

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Posted 10 March 2016 - 01:55 AM

No not really, I honestly don't care how much I get. Lets say I make 5,000 over a course of a month, would I have to do taxes on that?


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#4 NakedPaulToast

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Posted 10 March 2016 - 05:51 AM

Probably.

 

You take the income you make from your video game sales and add it to your regular income and calculate your tax obligation.

 

Video game sales is no different than any other income earned.


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If the Bible truly is inspired by God, you would think that somebody as omnipotent and all-knowing would have known to get his message out using TCP instead of UDP.

 


#5 11clock

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Posted 10 March 2016 - 08:18 AM

I have my game on Steam and for some reason I have 0% tax deductions. Probably because I am a university student but meh.

EDIT: Except for the VAT tax deductions from my European sales. I don't really know how VAT works since I am not European.

Edited by 11clock, 10 March 2016 - 08:24 AM.

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#6 xPac7x

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Posted 10 March 2016 - 08:37 PM

Yes you will have to pay taxes. Depending on where you are at, and which platforms you end up on a few things will change exactly how and how much you will have to pay of course. Definitely worth looking deeper into if you are serious about selling your game. For the most part things aren't to bad. Valve, Google, and Mopub all send me a 1099 form that has a few lines of info needed when filing taxes - I use Turbotax and it's not bad at all. Just remember if you don't have any taxes with held from your earning you may have to pay in come tax season.


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#7 Loaf

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Posted 11 March 2016 - 02:29 AM

You may or may not have to pay taxes depending on how the tax system works in your country.

 

Your age, income amount, the nature of your earnings (are you selling the game yourself or earning royalties from it?) where your game is sold, and if your country has a tax treaty (e.g to help avoid double taxation) are all factors that can influence your obligation.

 

In most countries you are required to declare earnings whether or not you need to pay tax.

 

It can be quite complicated. If you earn a large amount of money, you should probably speak with a tax professional.


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#8 icuurd12b42

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Posted 11 March 2016 - 02:39 AM

country/state/province... get informed. is it private or registered company, how much are you selling....


For example, for me there is a clause about digital software without a physical package I can make 37000 before declaring it. so it's obviously not a question anyone can answer for you.
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I FRANTICALLY MADE MY 18000 POST TOPIC BEFORE MIKE ANNOUNCED A DELAY...
Now I'm squirming not to hit that reply button


#9 JarodMenace

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Posted 11 March 2016 - 02:56 AM

Thank you everyone!


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#10 NakedPaulToast

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Posted 11 March 2016 - 04:45 AM

country/state/province... get informed. is it private or registered company, how much are you selling....


For example, for me there is a clause about digital software without a physical package I can make 37000 before declaring it. so it's obviously not a question anyone can answer for you.

 

I would love to see the CRA tax law that applies here.


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If the Bible truly is inspired by God, you would think that somebody as omnipotent and all-knowing would have known to get his message out using TCP instead of UDP.

 


#11 icuurd12b42

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Posted 11 March 2016 - 04:59 AM

country/state/province... get informed. is it private or registered company, how much are you selling....


For example, for me there is a clause about digital software without a physical package I can make 37000 before declaring it. so it's obviously not a question anyone can answer for you.

 
I would love to see the CRA tax law that applies here.


I'm actually remembering this wrong. it' about gst, I found this reference though
http://www.sorbarala...ation-software/

Another reason not to ask us about tax lol

Edited by icuurd12b42, 11 March 2016 - 05:00 AM.

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I FRANTICALLY MADE MY 18000 POST TOPIC BEFORE MIKE ANNOUNCED A DELAY...
Now I'm squirming not to hit that reply button


#12 NakedPaulToast

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Posted 11 March 2016 - 05:04 AM

 

 

I would love to see the CRA tax law that applies here.

 


I'm actually remembering this wrong. it' about gst, I found this reference though
http://www.sorbarala...ation-software/

Another reason not to ask us about tax lol

 

 

I thought it might be a GST (now HST) minimum requirement thing. TY for replying.


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If the Bible truly is inspired by God, you would think that somebody as omnipotent and all-knowing would have known to get his message out using TCP instead of UDP.

 


#13 icuurd12b42

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Posted 11 March 2016 - 05:10 AM

I would love to see the CRA tax law that applies here.


I'm actually remembering this wrong. it' about gst, I found this reference though
http://www.sorbarala...ation-software/

Another reason not to ask us about tax lol

 
I thought it might be a GST (now HST) minimum requirement thing. TY for replying.

I actually used this when I did local software contracts in the early 2000s. It's more about selling a product as a contractor... it got mangled in my head over time
  • 0

gmcbanner.pnggmcbanner_tools.png

ICU Live Tutoring Through Slack or Skype | My Tools Page follow.png

I FRANTICALLY MADE MY 18000 POST TOPIC BEFORE MIKE ANNOUNCED A DELAY...
Now I'm squirming not to hit that reply button