Comments on: Shutterstock & IRS – updates, answers

By: Briertomora

Briertomora — Sat, 06 Jun 2009 06:25:18 +0000

Hi, Congratulations to the site owner for this marvelous work you’ve done. It has lots of useful and interesting data.

By: mattantonino

mattantonino — Tue, 02 Jun 2009 15:22:14 +0000

I emailed you but I thought I’d just add the info here so people know.

http://submit.shutterstock.com/forum/viewtopic.php?t=62633

This has an update from SS that is a collection of info you need.

And this one is the post that’s based on: http://submit.shutterstock.com/forum/viewtopic.php?p=952105#952105

By: Melissa King

Melissa King — Tue, 02 Jun 2009 14:17:43 +0000

Hi, can you tell me where you found out this: “* The email Shutterstock sent is *not* being received as ?an official signed letter? and it is very likely at this point that Shutterstock will need to mail you one. Please do not file your ITIN until this is resolved as you may waste time & money.”

I did not see this on the SS forums or did I miss it?

By: Ed

Ed — Mon, 01 Jun 2009 07:34:34 +0000

Matt

Just to say “Hi” and thank you for your excellent work in reviewing and summarising the situation. Also, love the “new look” of the site.

Ed …

By: Shutterstock and Tax | Microstock Diaries

Shutterstock and Tax | Microstock Diaries — Sat, 30 May 2009 01:49:08 +0000

[...] is their FAQ thread here, plus Matt has collected some helpful links to more information and exploration of the details over at [...]

By: mattantonino

mattantonino — Fri, 29 May 2009 17:33:39 +0000

My pleasure – I wish I had better news for you though!

By: JM

JM — Fri, 29 May 2009 17:18:51 +0000

Thanks for your opinion, appreciate it. You just confirmed my thoughts

By: mattantonino

mattantonino — Fri, 29 May 2009 17:16:51 +0000

If your plan is to keep this a hobby, it is not worth the hassle and you should probably stay at the other sites. If you are going to grow larger, it makes sense to take care of this now before you have to do it later for more than one site anyways.

The earnings reports 1042 form will come to YOU directly. If you pay the 5% or the 30% you MAY be able to “write off” part of it for your home country taxes – it depends on Slovenia law. I am not sure for you.

If you’re over 4 months income right now I’d just forget SS, let them take the 30% of whatever you have, don’t close your account, and see if you earn enough in the future to make it worth getting ITIN.

By: JM

JM — Fri, 29 May 2009 17:03:05 +0000

well I do that as a hobby, but I never said I don’t want to submit more and concequentially also earn more.
The one thing I don’t know is wether they send those earning reports directly to foreign tax office, or does this documents come in my hands or how is it…
County is Slovenia.
Eventually if I pay tax in US, I won’t have to do it at home, am I right?
Also if this is becoming obligatory by all microstock agencies, I might as well take in consideration also getting those papers done, but am not sure if I’d do that just because of SS.
At the moment the costs of getting ITIN would mean more than 4 months. But I do plan to grow on all sites including SS.

By: mattantonino

mattantonino — Fri, 29 May 2009 16:50:28 +0000

It depends how much you are making with Shutterstock. If it will cost you 1-3 months of income yes, I would do it. If it will cost you 4-12 months or more, I would probably not. Unless you plan to expand in microstock and get bigger. Then it’s up to you. Many will leave over this but many will go through the hassle. What country?