Get Serious About: Do Not Let Taxes Spoil Your Year - Tax Preparation for the Internet Marketer
Some internet marketers are not clear on the laws related to divulging their Internet Marketing income to the IRS. Every year people say that this isn't necessary.
This detail will never change. No matter what sort of scheme you are offering on the internet; as long as you are getting a financial return, it is classified as income. This is income that is subject to tax. So, yes, you do have to pay taxes on the money you make with Internet Marketing and your taxes are going to be a little bit more complicated than they were when you were someone else's employee. Once you have read this article you should be more prepared than ever to address tax issues.
Get Serious About: Do Not Let Taxes Spoil Your Year - Tax Preparation for the Internet Marketer
Make payments toward your taxes throughout the year.
This is referred to as making estimated tax payments. Unfortunately, the specified way to pay these used to be quarterly only. Fortunately, now you can make a payment when it is convenient for you and as frequent as you want. If you opt for this payment plan, you may want to check with your IRS agent and make sure you have a good record of your payments so your annual tax statement will be accurate. You could even get reimbursed if you have paid more than you owed! Keep all bills. The type of bill is not what is important. Keep all bills. Some of these things, especially if you work from home, are tax deductible! Don't assume, though, that you can write off the whole bill. If you like to utilize the internet for your personal use, then this might be a questionable deduction. Work with an accountant or an IRS representative to figure out how much you can write off from your utility bills, insurance payments and any real estate taxes.
Video Summary: Record Keeping - for Internet Marketers
Get Serious About: Do Not Let Taxes Spoil Your Year - Tax Preparation for the Internet Marketer
If you want to hire an accountant make sure that you ask for personal recommendations from other entrepreneurs and Internet Marketers you know. You always need to be wary of dishonest folks just hanging around waiting to run a scam on you. You would be wise to hire someone who comes with unwavering credentials and has worked with this type of business prior. This way you keep all of your needs covered and you don't have to worry about getting unexpectedly in trouble with the IRS.
Taxes are only scary if you let them be. Sure, you might have a lot to do, but don't wait until the last minute. The more that you know about how to do your taxes properly, the less scarier the process will be. If your taxes are really that intimidating, then get in touch with the Internal Revenue Service. The pros can help you.
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