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Tax Tricks For Internet Marketers

Author : Paul Kemp

When your Internet Marketing work enable you to get money, that money is recognized as income. That income needs to be informed to the Irs and you need to make sure you pay taxes on it. Sadly, making money online is not tax-free. Do not believe any person who attempts to tell you something different. After all, you don't want to get into trouble with the IRS do you? There are very few things more painful than getting audited! Obviously, if you haven't ever had to take care of your own taxes previously, learning how to keep track of your income and expenses and the amount of money that you owe can be really confusing. Here are several ideas to aid you.

It is extremely important that you account for the amount of money you make. Make sure your records have a lot of details. Every individual payment you receive, who pays it and what it is for must be written down and recorded. The particular date must be included for every payment as well. These records can be saved in a home accounting program like QuickBooks or feel free to use a system that you set up yourself. Some individuals find a fairly easy Excel spreadsheet works best for them. Don't simply toss out these records once your taxes have been submitted. You need to keep them available for, at a minimum, a few years just in case somebody from the IRS asks to see them. Some could say that, after a few years, if you have not already been audited, you will likely be fine but make sure of the rules for your own state before you toss anything.

Keep all of your invoices along with receipts for each penny you spend. In INTERNET MARKETING many items can be deducted for internet business purposes. Your web page operating expenses, for example are usually tax deductible. Money you spend on company supplies can also usually be deducted. Do you journey to confabs? Ask if you're able to deduct your traveling bills and the cost of the conference. You may possibly also deduct most of the money that you pay each month for your internet connection. It is important to keep records and duplicates of all of your receipts and charges so that you can prove what you have spent.

Pay taxes throughout the year. Internet Marketing is formally deemed 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 follow is 30% of what you have received in that quarter. There is actually a system set up now that lets freelancers pay toward their taxes every month. Keep track of just how much you pay. When you file your yearly tax forms, if you have inadvertently paid too much into the system, you will be granted a refund for what you have overpaid!

There are lots of methods to make your taxes simpler to handle when you work in Internet Marketing. 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 are making enough money to do so, you might even hire an accountant to take care of almost everything for you.

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Submitted : 2011-03-16    Word Count : 870    Times Viewed: 204