Paid Surveys – Do You Need to Pay Tax?
For those of you who plan to take up paid surveys as an additional source of income should take care to take them with the right attitude, patience, commitment and determination. Beside offering cash they also have free vouchers, gifts in form of cards or redeemable points. Most people are opting for this fast, easy and money making option of taking the surveys, especially with the recession, where the earnings are low and jobs are scarce.
What we mostly tend to forget as good citizens, is the obligation of paying the tax in time, especially on the cash that you earn through the surveys. Most of the places hold it as a crime in case the tax is evaded, resulting in damages, fines or in some places even imprisonment. In order to ensure that no such tax problems occur, you need to be certain about the income tax laws of the particular country where you stay. Mainly the cash alone is taxable, and the gifts, points or free discounts, vouchers etc are non-taxable. But you would still need to make a note and report the income to the income tax department.
Most of the people are unaware about the fact that they have to pay the tax, thinking this as not being the income earned by a regular job. But we need to educate ourselves regarding the law and guidelines, which are available online on the websites or even via a phone call. We need to make sure about the type of income tax laws prevalent in our country and what we need to do in order to follow the procedure to pay the tax.
People may think that they can avoid paying tax as no one can come to know how much they have earned by taking the legitimate paid surveys. But you forget that all the money you make by taking the best paid surveys are collected in banks like pay-pal and others which are easily traceable during any kind of investigation. So it would be better idea to play safe, find out the income tax rules applicable in your country, and pay the amount due.
Once you are through all your tax problems, there is no limit to the amount paid surveys can get you, so please pay your dues and earn along side!