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Sorry, I misread your original comment. Sure, if the project is successful to the point of receiving significant amounts, having to report it becomes mandatory
by rglullis 6y ago
Sorry, I misread your original comment.
Sure, if the project is successful to the point of receiving significant amounts, having to report it becomes mandatory.
Speaking as someone with an open source project that started due a grant and that I'd love to turn into a full time job: If I were receiving so many donations that it would require me to spend time to report to the tax authorities, I'd put it on the list of "good problems to have".
- kingosticks 6y agoObviously it depends which tax system(s) you have to deal with, but in some countries if you are fortunate to already earn over the tax free allowance from your day job, it doesn't matter how big or small the extra (donation) income is from your side-project - it will be mandatory to report it. So you can either comply, which has a cost, or not comply and risk whatever comes from that.
- rglullis 6y agoI am talking about the scenario where there would be working on open source is the day job. Whether the revenue came from big sponsorships, support contracts or donations, it certainly would need an accountant anyway.