January 6, 2017
Don’t Get Overwhelmed by Taxes – A Few Tax Suggestions for Internet Marketers
Frequently, internet marketers are unsure as to whether or not they need to report their income from Internet Marketing to the IRS. Some internet marketers refuse to recognize this obligation.
This obligation will not change over time. Any amount of money that you make with Internet Marketing, no matter how small, is a part of your annual income. That is income that can be taxed. 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.Find out if you have clients that must fill out the 1099 MISC form.
This is a form that the IRS needs from your clients if they have given you more than six hundred dollars for the year. See if the IRS will-will need these form this year as well. This might be difficult if clients do not pay this amount of if they are overseas. Find out how the IRS wants you to proceed in these circumstances. Save every single bill you get. The category of the bill is not the most important thing. Just do now throw away any bills. If you are an internet marketer working out of your home, some of these bills can be deducted on your taxes.
Don’t assume, though that you can write off the whole bill. If you are using the internet for personal reasons, then you should rethink this deduction. Talk to an accounting pro and find out what can be claimed on your income taxes.
If an accountant is an option, take the time to get recommendations from fellow entrepreneurs that can steer you in the right direction. You need to be ever vigilant about who you do business with because you never know when you are in the sights of the criminal element. It’s better to check references and to work with someone that you know has experience working with freelancers and non-traditional businesses. This will be a nice safety net in case the IRS gets inquisitive.
There are loads of options that will make your tax accountability simpler to handle. You may have always had an unsettling feeling when it comes to your taxes; this should not be a problem ever again. Simply by doing a little investigating and probing a little, you or your accountant will be prepared to file your paperwork. It is not as tricky as you might have thought, just do it!