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tax helpers for internet marketers
When you make money via your Internet Marketing endeavours that money counts as income.
The IRS must be informed on that income and it is something on which you need to pay taxes.
Sadly, the cash you make on the net is not exempt from taxes. Don't trust any individual who
claims otherwise. After all, you do not really want to get into trouble with the IRS do you? There
are certainly not that many things that happen to be more frustrating or stressful than getting
audited. Of course, if you've never needed to take care of your own taxes before, figuring out how
to track your income and expenditures and what you owe can be very confusing. Here are some
things which will help you.
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You need to make sure that you keep very careful documents of the amount of money you make.
Make sure your own records have got lots of details. Every individual settlement you get, who
pays it and what it is for must be written down and recorded. The date must be included for every
payment as well. You are able to use a program like QuickBooks to keep track of these data for
you or you can set up a system of your own. Some folks find a straightforward Excel spreadsheet
works best for them. Don't merely toss out these records after your taxes have been sent in. It is
very important that you keep them available for a minimum of three or four years just in case an
IRS agent wants to see them. Some claim that, after 36 months, if you haven't yet been audited
you should be okay, but check with the local tax rules of your state.
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Keep all of your bills and invoices on your costs. In IM lots of things can be deducted for small
business purposes. The cost of operating your site, for example is usually tax deductible. You
may also usually deduct the money you spend on your business supplies. Do you go to
seminars? Ask if you possibly could deduct your traveling expenses and the cost of the
conference. Sometimes even a lot of the money you put toward your internet bill may be deducted
as well. Make sure you retain all of your receipts and copies of paid bills so that you'll have a
record proving what you spent.
Pay taxes during the course of the year. Internet Marketing is commercially 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 good amount to pay is thirty percent of what exactly you generate that
quarter. There is even a system in position now that enables freelancers pay toward their taxes
every month. Keep files of what amount you pay in. When you file your annual tax forms, if you
have accidentally paid too much into the system, you will be issued a refund for what you have
There are a large amount of methods to make tax time less difficult when you work in the IM
market. The IRS's website has a wide range of beneficial hints that you can use to streamline
your book keeping and tax prep. If you are generating enough money to do so, you could even
hire an accountant to take care of almost everything for you.