Tax & Online Income
It’s April and that indicates that it’s time to pay tax (for Malaysians). Earlier, I thought I have made a post related to paying tax. After searching for a while, I could not find that post. Then I realized, I did not make such post, instead I was commenting about tax, specifically about online income tax, in budeen’s report. I did received some response on whether we should pay or ignore paying tax from online income. Take note that I’m just a part time blogger and my online income earning is not that high. It’s enough to supplement some of the household groceries. I concluded that I’m not going to declare anything I earned online because the percentage is too small compared to my monthly earned salary.
Then, I read LiewCF post on Malaysians, Your Blogging Income is Taxable. This is interesting. I mean paying tax for your blogging income. For me, if one is a profesional blogger or not but earn substantial income online, then he or she must pay tax.
It was also interesting to learn that there are several tax deductions for probloggers. The 46 Tax Deduction that bloggers overlook revealed all type of expanses that we can consider to reduce our online taxable income. You’ll be amazed on how the activities and the things that are accountable and qualify for tax deduction. It made me realized that I haven’t kept such a proper documentation of all my online activities. I should keep a decent record of my online activities, resits, bills, etc.
For me, it’s better to pay tax for your online income rather than not qualifying to pay tax. Paying tax illustrates that we are earning good income while inability to pay signify that we are not earning enough yet. Do you agree with me? 🙂