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  1. #1
    ABW Ambassador
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    I know I asked this question a while ago, but now that tax season has approached, I wanted to ask again, and add another question as well.

    For reporting purposes, what do you use as job title for affiliate marketing? In the past, we have used website consulting (which my husband has done), but the income generated from affiliate stuff has blown the consulting part away and i don't want to be flagged for any kind of audit.

    Secondly, I'm curious as to knowing if any of you have formed an LLC and if you are glad you did. We are considering doing this and want to know what peoples thoughts are on it.

    Thanks,
    Robin

  2. #2
    Web Ho - Design B!tch ~Michelle's Avatar
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    I am also a website and graphic designer, so I put

    "Website & Graphic Design & Affiliate Marketing"

    ~Michelle
    "All I ask is a chance to prove that money can't make me happy."
    "Work to become, not to acquire." -- Confucius

  3. #3
    Moderator MichaelColey's Avatar
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    I always put "Self-Employed". I'm not sure it really matters. It's mainly the amounts, deductions, and ratios that they look at.

    Michael Coley
    Amazing-Bargains.com

  4. #4
    Full Member
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    I have several adventures myself and just use "self employed". You do have a federal tax ID number that identifies your business? I think that's all they are concerned about. As long as your return don't throw up any red flags (numbers wise) you should be okay.

    "Maybe this world is another planet's Hell."
    - Aldous Huxley (1894-1963)

  5. #5
    ABW Ambassador
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    Since we are not incorporated, no, we do not have an FID number. We are still trying to figure out if it is worth it for us to become an LLC. Illinois has an additional 1.5% tax on LLC's so that is something additional to consider as well.

    As my husband has an actual profession other than affiliate marketing, can we really just put self employed? Secondly, isn't that sort of a red flag to put self employed? Don't they ask for the field in which you work?

    Thanks,
    Robin

  6. #6
    I like traffic lights
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    You need to seek the advice of a GOOD tax advisor IN YOUR STATE, not act on guesses from people here.

    ****************************
    Jimmy James Inc. fan club membership # 3312

    "But Jimmy had fancy plans, and pants to match"

  7. #7
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Drewbert:
    You need to seek the advice of a GOOD tax advisor IN YOUR STATE, not act on guesses from people here.
    <HR></BLOCKQUOTE>

    Drewbert is right concerning the advice of a good tax advisor. I use an accountant to handle my taxes. Also I'm not incorporated just a sole proprietor. I have a fed ID number for my business. Call them, they'd be happy to give you one...no charge. Check with a tax advisor or accountant.

    "Maybe this world is another planet's Hell."
    - Aldous Huxley (1894-1963)

  8. #8
    Moderator MichaelColey's Avatar
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by REM:
    We are still trying to figure out if it is worth it for us to become an LLC. Illinois has an additional 1.5% tax on LLC's so that is something additional to consider as well.<HR></BLOCKQUOTE>Yes, that's certainly a consideration. Here in Texas, I found it more advantageous to operate as a sole proprietorship based partially on tax implications.

    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by BradleyB:
    Also I'm not incorporated just a sole proprietor. I have a fed ID number for my business. Call them, they'd be happy to give you one...no charge. Check with a tax advisor or accountant.<HR></BLOCKQUOTE>I applied for one when I first started my business. They turned down the request. I don't remember for sure, but I think they said they only issued federal tax ID's if you were 1) incorporated, 2) had an inventory, or 3) had employees. None of those applied to me.

    Michael Coley
    Amazing-Bargains.com

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