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  1. #1
    ABW Ambassador Airstrip's Avatar
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    Can anyone tell me where I can go to find out what tax deductions I may take as an affiliate?
    For example: ISP monthly costs, Website building software, Computers or pc parts, etc. I would like to get an idea of what the general affiliate population is deducting. This will be my first year ending for tax purposes.

    Thanks
    The best things in life are not things at all...

  2. #2
    ABW Ambassador Jane's Avatar
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    Pretty much whatever you buy and use for your business. If you use your computer 50% for business and 50% for personal use you can probably only deduct 50% of the cost. Best place I know to go is the IRS web site and get the forms and publications.

  3. #3
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    Only questions your taxman or accountant can answer to make sure you get proper info
    They are the people to get answers from

  4. #4
    MasterMike HardwareGeek's Avatar
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    Hire an accountant and let him/her tell any lie. If you ever get audited they have to represent you and explain their work.

  5. #5
    ABW Ambassador Jane's Avatar
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    They have to explain, but who has to pay for their lies? The way I see it we have to do all the hard work anyway. Gather up all the receipts and figure out what they are for. All the accountant does is sort it out and put it in the right place on the form. Why do they have to have so many different places to put it? It all adds up to the same amount.

  6. #6
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    If you are going to do affiliate marketing for your main source of income, you need to hire an accountant that is at least somewhat familiar with this type of business. Just start calling them and ask if they have internet clients. If they don't, ask if they know who does.

    You really need to know what is deductable before the tax year starts so that you know what to keep track of, otherwise you miss a lot of goodies, like milage to the store to buy stuff for your business. 37.5 cents a mile.

    Ray

  7. #7
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    Another good thing that I did was take a tax class. Places like Jackson Hewitt and HR Block offer them every year trying to recruit new preparers. There is a ton of good stuff to learn.

    Big things: Keep all receipts that could possibly relate to your business. Keep a mileage log for every business related trip. Dedicate a place in your house for your business.

    Find yourself an accountant that is neither overly conservative nor overly aggressive in their view of tax requirements. Overly conservative accountants will ensure that every thing is 150% on the up and up. For instance a trip to the mall to pick up computer parts and a gift for cousin Mel, they will tell you doesn't count. An overly aggressive one will try to deduct cousin Mel's gift as a promotional expense.

    Find a happy medium.
    Chris Mayr
    When amassed, even dust can become a mountain.

    There is a finite amount of intelligence but an infinite amount of stupidity in the universe

  8. #8
    ABW Ambassador Airstrip's Avatar
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    Thanks to all of you... A lot of good advice.
    The best things in life are not things at all...

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