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splitting income

the19thbearthe19thbear Posts: 102Member
Hi. dont know if this is the right place to ask but...

I am making an app with another person. We plan on splitting the income.
-when we recieve payment for an app, what about taxes? do i just report it myself?
i gather that i will give apple my bank account info, so they can send me money (if any;)
Lets say we make an account that we both have acces to. The money from the app goes there first. Then we withdraw, to our personal accounts, whatever percentage we agree on. Then after that we pay taxes from that...
Do you give apple any tax information? or do they pass information on to the government? or do we do it ourselves?

or maybe you have a good alternative to my approach.

By the way - i live in denmark - i gather that apple has the same procedure for every country.

thanks alot!

Comments

  • peachpellenpeachpellen Posts: 977Member
    I'm not sure as far as whether or not Apple passes on info, but yes, you will need to give them your tax information.

    I don't know how you'd work it beyond that because I don't know anything about the government or taxes in Denmark - but just be thankful you don't live in Australia. Here Apple forces us to register as a business AND GST, which is a nightmare when filing taxes.

    Good luck to you and the other person :)
  • chosenonestudioschosenonestudios Posts: 1,714Member
    Yay US, not sure about Denmark, but it took me 30s to fill out the tax stuff!

    Again, Im not sure about Denmark, but in the US you'd report it yourself. So its probably similar, if not the same.
  • BarkBarkCoBarkBarkCo Posts: 1,400Member
    Also in the US...I have a "business partner" (my brother) that I plan to issue a 1099 for the money they get paid, that way I can claim a deduction, along with all of my other "business" expenses... ;-)
  • MotherHooseMotherHoose Posts: 2,456Member
    Of course Apple is required to report monies paid to you to the government.
    Otherwise they would have to pay taxes on it.

    Your contract (Certificate) with Apple has all the identifying information.

    A joint bank account is nice...but first form a partnership...forms are available online or at a Legal Supply Company...fill that out and sign and make a copy and also scan it into your computer.
    Take the contract to the bank and use it to set-up a business account...This makes it easier to track/manage your finances...and pay for your expenses like GS membership.

    Check out Denmark's government--taxes online.

    Hopefully, you have to pay lots of taxes...That means you are making lots of money!
    MH
  • OknaviOknavi Posts: 13Member
    MotherHoose said:
    Hopefully, you have to pay lots of taxes...That means you are making lots of money!
    MH

    Or you live in North Korea. :D
This discussion has been closed.