tax-law
What is the legal requirements of earning money on the internet
<p>I am planning to provide an internet service that accepts payments through</p>

<ol>
<li>Bit coin</li>
<li>PayPal</li>
<li>Visa</li>
</ol>

<p>For now, I have not legally registered this as a company or planning to pay tax for the income.
Is it illegal to do this? And what do I need to do before starting to earn income?</p>

<p>It is illegal to not declare income to the IRS.</p>

<p>Self-employment tax rules apply to all income. Bitcoin is treated as property and is taxable.</p>

<p><a href="https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance" rel="nofollow">https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance</a></p>
