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Tax Helpers For Internet Marketers

Author : Phil Knubifnz

Any money created as a result of your Internet Marketing work counts as income. That income has to be reported to the IRS and also you need to pay taxes on it. Unfortunately, income acquired online isn't tax free. Don't believe any person who tries to inform you anything that is different. You will not want to enter into difficulties with the Internal Revenue Service do you? There are usually few things more painful than getting audited! If you never have ever had to take care of your individual taxes before, it can be really difficult to have to deal with your own income, expenditures and what you owe. Here are some ideas to assist you.

The most crucial issue you must do is keep income records. Make sure the records have plenty of details. Record every single payment that you get, whom paid it to you and exactly what the payment is for. The particular date of the transaction must be recorded too. These records can be kept in a home accounting program like QuickBooks or feel free to use a method that you set up yourself. For a lot of people, a simple Excel spreadsheet performs the best. Do not do away with these kinds of records when you finally file your tax return. You need to keep them available for, at a minimum, a few years just in case someone from the IRS asks to see them. Some will say that, after a few years, if you haven't already been audited, you will likely be fine but be sure of the rules for your own state before you toss anything.

Keep all of your invoices and receipts for each penny spent. When you earn a living in IM, there are a lot of things that can be deducted from your taxes. Website running charges, to use one example, can usually be claimed on your taxes. Money you spend on company supplies can also commonly be deducted. Have you attended a conference this year? Check to determine if your travel expenses and the cost of the conference may be deducted. Sometimes even most of the money you set toward your internet bill can be deducted as well. It is essential to keep records and copies of all of your receipts and bills so that you can prove what you have spent.

Pay taxes during the course of the year. Internet Marketing is technically viewed as freelance work and freelancers often pay their taxes quarterly so that, when the end of the year comes, they do not owe as much. A safe sum to stick to is 30% of what you have received in that quarter. The IRS at this point has a procedure that should let you make payments as often as every month. Track all the payments you make and retain duplicates. When you file your annual tax forms, should you have accidentally paid too much into the system, you will be given a refund for what you have overpaid!

There are a lot of ways to help make tax time less difficult when you work in the IM market. You can find lots of great tips on the IRS website that are designed to help you streamline the whole process from book keeping to tax prep. You might additionally consider, if you have the money, hiring an accountant to take care of all of that for you.

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Tags:   taxes, irs, deductions

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Submitted : 2011-03-11    Word Count : 870    Times Viewed: 336