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  1. #1
    Newbie
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    April 3rd, 2014
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    Question about Reporting Income
    Hi,

    I gave up on trying to find the answer to my question vis Google searches. I am hoping someone here can help me. I have a blog with a few affiliate links. I was afraid to use my SSN when applying as an affiliate, so I got an EIN.

    I hardly make any money, but do not want to mess around with not paying taxes on the little I do make.

    What I am wondering is, when the time comes to do taxes next year, how do I go about reporting income derived using an EIN on my 1040.

    Thanks!

  2. #2
    Super Dawg Member Phil Kaufman aka AffiliateHound's Avatar
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    January 22nd, 2007
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    Report your affiliate business income and expenses on Schedule C. You will also need to do a Schedule SE to pay social security tax on any net profit.
    Since June 10, 2012 a vegan aarf but still writing the Hound Dawg Sports Blog
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  3. #3
    Beachy Bill's Avatar
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    November 20th, 2005
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    Quote Originally Posted by AffiliateHound View Post
    Report your affiliate business income and expenses on Schedule C. You will also need to do a Schedule SE to pay social security tax on any net profit.
    I was just about to respond with the same advice because, by coincidence, I am working on those forms and "numbers" this evening. Having your own small business income makes doing taxes a bit more involved - but rather straightforward. Keep a distinct checking account and (if necessary) credit card to separate business from personal income/expenses. While that may not be a "legal" requirement it makes it a lot easier to complete the Schedule C.
    Bill / Marketing Blog @ 12PM - Current project: Resurrecting my "baby" at South Baltimore..
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  4. #4
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    April 3rd, 2014
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    Thanks Guys!

  5. #5
    OPM and Moderator Chuck Hamrick's Avatar
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    April 5th, 2005
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    Curious if any of the networks ever answer this question??

  6. #6
    ABW Ambassador isellstuff's Avatar
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    November 9th, 2005
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    Quote Originally Posted by Bill View Post
    Keep a distinct checking account and (if necessary) credit card to separate business from personal income/expenses.
    This is sound advice from a legal perspective if you want to protect your personal assets from business liability. If you have an LLC and you use your personal checking account for business expenses or vice versus a lawsuit against your business can go after your personal assets by claiming there is no distinction between the two.

    I'm not a legal expert, but this is what I have been told by my accountant and what I have read on legal websites.

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