New member needing help!

Hi everybody. My name is matt and this is my first time on this site and just thought I'd say hi : ). Also I have a question I desperately answering!!!

I am a ground worker and I replace the brass stopcocks that are situated in paths with new plastic waterfit stopcocks that are able to take water meters. Every stopcock I dig up i get to keep. Once I have enough to warrant me going to the scrapyard I take it all in and receive a cheque and pop it in the bank. I have just been told that I have to keep some money aside to pay as tax?? As I have no understanding how all this works about paying tax or how much I need to put aside or who I even pay it to.

So would someone be so kind and explain all this for me please as I do not wish to end up with a massive bill!!!

Thank you : )

Good advice from BroJer about the cushion and getting in touch with an accountant. You will have to report your earnings to the Internal Revenue Service (IRS federal) and to your State Department of Revenue. You might not even owe much tax on it depending on your current income and how much you already pay in withholding. The tax on this extra income could offset a tax refund if you usually get one. You can find some info and tax forms in your local library and post office, but I'd check with an accountant also.

Good luck and good deal on those stopcocks. Also, if they aren't selling as clean brass, try to figure out what it would take to clean them (of iron, plastic, etc.) could add a good chunk to the bottom line.

Oh, good call Mick. I didn't even think of England..lol. I surely don't know their tax laws.

I would go to a tax prepairer they will give free advise on what to do in your case, an accountant can be pricy. Fedral taxes are the same across the counrty but states will vary. Florida dosn't even have income tax but some states do.

Originally Posted by Mechanic688

He's from Southhampton England..

Thats the old one >> Across the pond
NOT New England