Tax season has finally made its grand appearance again. Taxes is the one topic that gives a lot of people headaches. It is less of a headache when you’re organized and ready to fill them out with all of your records. Today I’m going to share some blogging tax tips. These are some of the most common questions that newbie bloggers ask concerning their taxes.
Count ALL of Your Income
Many times bloggers only think about the money they make in cash/check form. They forget they HAVE to count the value of the products they receive in exchange for a blog/social media post. It is also suggested that you record any winnings you may earn from Twitter parties. Also, be sure that you wait for all of your 1099’s that may come from companies you’ve received money from. PayPal also sends one too if you make enough so beware of that.
Count ALL of You Expenses
Bloggers have a long list of expenditure! That includes hosting fees, web design, virtual assistants, equipment expenses (i.e., Computers, cameras, printers, etc.), and stuff you had to purchase to do a craft/recipe. You also get to count office space, but you have to be careful with this one be sure you read the terms of counting it carefully. Be sure that you also count any gas/mileage that you may have done for traveling expenses related to blogging promotions. Conferences and any travel costs you may have concerning that count as an expense. Don’t forget blog training you may have invested in from classes to books.
Shop for the MOST Tax Refund
I have learned one valuable lesson just like no grocery store offers the same product at the same price, no tax office handles their taxes, in the same way. If you use a free tax filing service, please note that unless you know 100% what you’re doing, you’re NOT going to get the full amount of refund that is owed to you. I did find that paying for the upgraded version of doing our taxes was well worth it. Again, sometimes you have to pay to gain money.