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Tax Tips For Internet Marketers

Author : Paul Kemp

When your Internet Marketing projects get you money, that money is recognized as income. That income must be shared with to the Internal Revenue Service and you have to make sure you pay taxes on it. Unfortunately, income attained online isn't tax free. Do not believe anyone who will try to tell you anything different. After all, you do not really want to get into trouble with the IRS do you? There are usually few things worse than getting audited! Obviously, if you haven't ever had to take care of your own taxes before now, mastering how to account for your income and expenses and the sum that you owe can be really baffling. Here are a number of points that should help you.

It is incredibly critical that you keep track of the amount of money you make. Make sure the records include plenty of details. Every solitary transaction you obtain, who pays it and what it is for needs to be written down and recorded. The day needs to be included for each transaction as well. These records can be kept in a home accounting program like QuickBooks or you should use a technique that you set up yourself. Some folks find that a straightforward Excel spreadsheet works best for them. Don't merely toss out these records right after your taxes have been sent in. You must keep them accessible for, at a minimum, a few years just in case someone from the IRS asks to see them. Some may say that, after a few years, if you haven't already been audited, you will probably be fine but double check the rules for your own state before you toss anything.

Keep your invoices as well as receipts for every penny spent. In IM lots of things can be deducted for business purposes. The expense of running your website, for example is usually tax deductible. The funds you pay for office supplies is frequently also deductible. Do you go to conferences? Ask if you possibly could deduct your journey costs and the cost of the conference. You may also deduct a lot of the money that you spend on a monthly basis for your internet connection. It is vital to maintain records and duplicates of all of your receipts and payments so that you can prove what you have spent.

Pay taxes throughout the year. Internet Marketing is commercially a kind of freelance work and most freelancers pay toward their taxes on at least a quarterly basis so that, when the end of the year rolls around, they won't have to pay as much. A safe amount to go by is 30% of what you have received in that quarter. There is even a system in position now that enables freelancers pay toward their taxes every month. Keep track of the amount you pay. When you file your annual tax forms, if you have inadvertently paid too much into the system, you will be given a refund for what you have overpaid!

There are a large amount of methods to make tax time a lot easier when you work in the IM market. The IRS's internet site has a lot of practical suggestions that you can use to streamline your book keeping and tax prep. If you have the money you might think about hiring an accountant to take care of everything for you.

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Submitted : 2011-03-13    Word Count : 870    Times Viewed: 196