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  1. #1
    ABW Ambassador
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    Going to accountant today, i've always been a procrastinator. Think i got everything

    Expenses. Might find something here you can add to yours. I might be missing something

    Domain Name
    Hosting
    Business License and Local Tax Stuff
    Accounting Service
    Mileage to and from accountant
    Advertising - Adwords, Overture, Blogads, MartketBanker
    Logos For Site
    Payment for WMW supporters forum

    Then there's all the other stuff like phone, utilites etc, I let the accountant figure all that out.

  2. #2
    ABW Ambassador phillyburbs's Avatar
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    Trusty:

    What about depreciation on your computer? Cost for your ISP? Did you purchase any software? Did you buy an media (CD-ROMs, etc.)? Did you subscribe to any relevant magazines (Revenue, Forbes, BusinessWeek)?

    Oh, and shouldn't you be able to claim lounge pants as a deduction? After all, they are the official uniform for your business!

  3. #3
    ABW Ambassador
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    I believe work clothes are a deduction. Thanks for reminding me Lounge pants, t-shirts, flip flops ...

    No software, or magazine subscriptions.
    Depreciation of computer, isp costs, i just let the accountant work all that out. He said just bring in all your 1099s and keep track of all other income (indys) and keep track of expenses.

  4. #4
    ABW Ambassador phillyburbs's Avatar
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    Next time I come to Florida, I'll stop by for one of your infamous grilling sessions, that way you can write off the meal AND the depreciation on your grill!

  5. #5
    Full Member
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    Yeah, I already did mine. That self-employment tax is a killer

    After all the deductions I still owe over a thousand Dollars. And I didn't even make ten thousand $$$

    My biggest hope was my computer. But it was a four year old computer. To depreciated to make a difference.

    I wish I could do something so I wouldn't get hit this hard next year...

  6. #6
    ABW Ambassador
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    2003 taxes are done AND my quarterly estimates for 2004 are done. Just have to write the checks.

    With solid records and turbotax, it took all of 15 minutes to complete and printout.

    Lily

  7. #7
    ABW Ambassador
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    Yeah, taxes are a killer, i'm doing the quarterly thing.

    Wordtracker, almost forgot about that and INK PFI.

  8. #8
    ABW Ambassador phillyburbs's Avatar
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    Netsu:

    Well now IS the time to do that. If you have a good accountant, they should be able to give you guidance on how to lower your liability for your tazes next time around.

    Invest time now. Save money next April!

  9. #9
    Affiliate Marketing Consultant Linda - 5starAffiliatePrograms's Avatar
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    I am done early for the 1st time in years! It feels so good. Athough writing those big checks out does not. At least this year I'm ahead of the game instead of behind it.

    Don't forget office in the home expenses and health insurance. Also open a SEP IRA. That takes money away from Uncle Sam that goes to your retirement. You can't spend it but at least it's still yours and reduces your tax bill. Those of us that work online have so few write-offs that putting a bunch in an IRA helps.

    Also don't forget any advertising expenses, banner design/logo/web design and PPC fees if you have any.

    REMEMBER your 1st quarterly payment is due April 15th too. So you have to pay last years left overs and this 1st quarter estimated all at the same time. BIG CHUNK all at once!!!

  10. #10
    ABW Ambassador
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    It does hurt that the first quarterly tax is due on the same day as the annual. But I guess it's easier to remember. This was my first year in afilliate marketing and it went very well, so I underestimated how much I would have to pay. I'm more prepared for next year and my quarterly payments are more reflective of what I'll make.

    I also work a full-time job, so I'm increasing my contributions to my 401k this year to reduce taxes.

    Lily

  11. #11
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    But this is the time of the year I look at my house, with the leaking skylight i need to fix when it warms up, and love it all. Thank you interest payments... I never knew I loved you.

  12. #12
    Web Ho - Design B!tch ~Michelle's Avatar
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    Done, sent, received my refund and spent it already. *LOL*

    Don't forget to keep track of milage to the store if you go to buy supplies.

    PO Box Rental Fees

    Postage (if you mail anything to do with your business)
    ~Michelle
    "All I ask is a chance to prove that money can't make me happy."
    "Work to become, not to acquire." -- Confucius

  13. #13
    ABW Ambassador Jane's Avatar
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    Keep track of milage to the store? More trouble to keep track of it than what you get to deduct. Unless of course you live out in the boon docks. But did you buy any personal items while you were there? Probably doesn't count then. Well watch the world news tonight, they are going to tell us how the government is wasting all our hard earned money.

  14. #14
    Web Ho - Design B!tch ~Michelle's Avatar
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by jane:
    Keep track of milage to the store? More trouble to keep track of it than what you get to deduct. Unless of course you live out in the boon docks. But did you buy any personal items while you were there? Probably doesn't count then. Well watch the world news tonight, they are going to tell us how the government is wasting all our hard earned money. <HR></BLOCKQUOTE>

    I live it the boonies.

    For me to go to Walmart, Staples, or anywhere other than a mom and pop store is 70 to 100 miles round trip. So for me, it adds up.
    ~Michelle
    "All I ask is a chance to prove that money can't make me happy."
    "Work to become, not to acquire." -- Confucius

  15. #15
    ABW Ambassador Akiva's Avatar
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Catalyst:
    Also open a SEP IRA. That takes money away from Uncle Sam that goes to your retirement. You can't spend it but at least it's still yours and reduces your tax bill. Those of us that work online have so few write-offs that putting a bunch in an IRA helps.

    <HR></BLOCKQUOTE>

    Yeah but you can't use it until you're 59.5 and when you withdraw it it IS taxable albeit at the lower tax bracket you're in at 59...
    Akiva Bergstrom | akiva@affsolutions.com | 718-871-8286

    Affiliate Marketing Solutions by affSolutions - Creator of the Product Showcase Creator™

    Managed Programs: EssentialApparel.com (Join) | SportsFanfare.com (Join)


    Affiliates: Product Showcase Creator Directory | Merchants: License the Product Showcase Creator™!

  16. #16
    Mama in Charge Anne's Avatar
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    I am totally on the ball. I have paid state and federal, and paid first quarter state and federal. And got my SEP this week... that saved me some. I envy those with refunds, I supported a small country with my 2003 payments, LOL!

  17. #17
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    Don't envy those with refunds. All they did was make an interest free loan to the government. With interest rates at all time lows they're not losing much but I'd rather keep it in my own pocket.

  18. #18
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    Taxes done and paid. Definitely worth doing a SEP IRA because even though the money is tax deferred until 59.5 it's still your money vs Uncle Sam's.

    I won't say how much we were able to save in taxes by putting money in a SEP, but let's just say that for every $2 we put in our SEP, our tax bill went down by $1. Totally, worth it.

    And, for the record, our tax bill was 5 digits. Ouch. But, thank you affiliate marketing.

  19. #19
    Moderator MichaelColey's Avatar
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    I'm going to do mine sometime between now and Thursday.

    Ditto on the SEP IRA recommendation. You can put in up to $40,000 (20% of the first $200,000).

    Also, look into Section 179 writeoffs, deductability of medical insurance, etc.
    Michael Coley
    Amazing-Bargains.com
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  20. #20
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    We can't write off any of our medical, as my husband has a real job and the medical we pay is no where close to that (7.5%) number.

  21. #21
    affiliate emeritus missdonna's Avatar
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    I have all the forms filled out. All that's left is to write some checks and send them. I guess I'll have to do that this week.
    Affiliate Marketing - The hardest easy money I ever made.

  22. #22
    ABW Ambassador Ron Bechdolt's Avatar
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    Waiting until the last minute as I have checks to pay. Plus, my philosophy has always been to send it in manually on the last day as they get so many it reduces the risk of an audit. Hey, has worked for 24 years I have been doing my own business taxes. Everything is on the up and up, but I sure don't want an audit.
    Ron Bechdolt | Affiliate Program Management Consultant
    7 Days A Week Marketing

  23. #23
    Resident Genius and Staunch Capitalist Leader's Avatar
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    Those checks go out Thursday--I'm keeping my money in my mitts as long as possible.
    There is no knowledge that is not power. ~Hemingway

  24. #24
    Mama in Charge Anne's Avatar
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    You might also think about paying your children.... We have a new accountant who made life better this year

  25. #25
    Moderator MichaelColey's Avatar
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by REM:
    We can't write off any of our medical, as my husband has a real job and the medical we pay is no where close to that (7.5%) number. <HR></BLOCKQUOTE>Medical expenses are subject to the 7.5% minimum, but medical INSURANCE isn't.
    Michael Coley
    Amazing-Bargains.com
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    "Education is the most powerful weapon which you can use to change the world." Nelson Mandela

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