Filing Tax on Income Received from iPhone App
I have two applications in the app store which are doing fine! I wanted to know how do I report the income to the IRS that I received from my iPhone apps. I called IRS and they told me to report as normal income.
I read somewhere that I need to report income (estimated taxes) quarterly.
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The IRS is correct. Report it on Schedule C or in a pass-through entity form (Form 1065) if you have an LLC. (Along with your expenses, of course.)
There are rules as to how much tax you need to pay throughout the year. Estimated taxes are part of this. You may be able to get away with not paying estimated taxes separately for your iPhone profits if you usually get a substantial refund. In other words, the amount you didn't pay throughout the year can be "made up" by overwithholding on another job.
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