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  1. #1
    ABW Veteran jc101's Avatar
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    Well doing pretty good, that now I have to file my taxes with my affiliate earnings,

    What forms do I need? this is my very first time doing taxes with my affiliate earnings?

    Thanks for the help!

    freedom, it's not freedom till you build a business model where you can leave and the commissions will still be there. :0).

    Merchants! As long as you are partnered with <a href="http://abw.infopop.cc/6/ubb.x?a=cfrm&s=548608979&f=591608789"target="_blank">parasiteware<a> you will not be listed on my site.

  2. #2
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    Jason

    Id suggest getting an accountant and not doing it yourself. Its one thing if you do this in the side of your fulltime job and make a few thousand dollars a year.

    Go over to the midnight cafe and read the topic taxes; what to report.

    Good Luck.

    "Idea + Action = Success!"

  3. #3
    Moderator MichaelColey's Avatar
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    If you do it yourself, TurboTax Home & Business makes it really simple. An accountant might be worthwhile, though, at least for your first time.

    Michael Coley
    Amazing-Bargains.com

  4. #4
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    Yeah get an accountant, all affiliates making any kind of money with this should get one. Don't look at it as another expenditure, look at it as an investment. They'll guide you through your first time and will let you know what you need to do to get all the tax deductions possible.

    Bring with you:
    All your 1099s
    Something showing all other income received
    Something that shows tax deductible stuff like domains, hosting, advertising, wordtracker, mileage and gas to and from your accountant is deductible, stuff like that.

    BTW did you ever get your business license?

    I work in lounge pants

  5. #5
    ABW Ambassador Jane's Avatar
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    So how much does a good accountant cost? I called one years ago and they wanted 3000.00
    Then I used turbo tax and then went to a guy that does tax returns to make sure I did it right and he messed it up.

    You have to do all the work. You have to know what is and isn't deductable because you have to track all the money, keep all the receipts and sort it all out. All they do is put the numbers in the right place and do the math. Thats the easy part!

    Tell me how much these guys charge and how they are worth the expense over turbo tax.

  6. #6
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    Well, an accountant may be nice but a bit expensive.

    You may just want to go to your local H&R Block or a similar tax service. I went to our local HR Block. They prepared the bewildering array of tax forms that went with my affiliate marketing business quickly. The tax person also sat down with me and went over lots of things - how to take out an IRA to reduce taxes, what deductions I can take for my travel and a whole heck of a lot more. I spent over 2 hours with my tax person going over my business, what I do, what deductions I can take, etc...

    My total bill for filing my state/fed taxes came to $258 - which is significantly less (between time and money spent) than if I would have done it myself. More importantly, it is also accurate.



    Jim

  7. #7
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    Mine was only $125. I heard never to go to one of those tax prep places and to get a real accountant. Good to build a relationship with a real accountant because they do more than just taxes. I don't know if at the tax prep places, the people doing the taxes actually went to school or just took a few how to do taxes classes. I figured if they were real accountants they would have their own business. But thats just me, i would find someone in your city that is a CPA, find a good one you like, luckily i have a great one, handles all my accounting stuff for me.

    I work in lounge pants

  8. #8
    Full Member SpikeDo's Avatar
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    Are we supposed to get a 1099 from every company that we make at least a penny from through affiliate sales? To date, I haven't got a 1099 from anybody.

  9. #9
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    Gotta make $600 and the merchant is supposed to send you one. I think i have some from merchants that i made less than that but $600 they need to send you one.

    I work in lounge pants

  10. #10
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    I've gotten consolidated 1099s from PErformics, CJ and LInkshare so far. I think that for befree merchants, you will receive 1099 from each individual merchant.

    Sal @ PHATBargains.com

  11. #11
    Resident Genius and Staunch Capitalist Leader's Avatar
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> What forms do I need? <HR></BLOCKQUOTE>

    Form 1040, Schedule C, and Schedule SE. This is if you take the standard deduction instead of itemizing.

    That info's from my mother, who's been doing her own taxes for decades (and who looks over my taxes and reminds me of things to take off). But since we don't know your exact situation, I don't guarantee that you won't need anything else.

    Overall, doing the forms part is pretty easy IMO. It's writing that big huge check that's the hard part...

    ~Cheapskate merchants need not apply

  12. #12
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    Hi Trust,

    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>I don't know if at the tax prep places, the people doing the taxes actually went to school or just took a few how to do taxes classes. I figured if they were real accountants they would have their own business. <HR></BLOCKQUOTE>

    The person I deal with owns her own HR Block, and is the only FT person at the place. It's a small town - not like a paper pushing treadmill that is probably found in the big city.



    Jim

  13. #13
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    I would recommend using tax software. I am filing for the first time also (that is, reporting my business income) and its a breeze. The software takes care of filling out the necessary forms, all you do is answer questions.

    As long as you kept good records, I wouldnt spend the money on an accountant ... Just my opinion of course

    Sal @ PHATBargains.com

  14. #14
    ABW Veteran jc101's Avatar
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    thanks everyone!

    freedom, it's not freedom till you build a business model where you can leave and the commissions will still be there. :0).

    Merchants! As long as you are partnered with <a href="http://abw.infopop.cc/6/ubb.x?a=cfrm&s=548608979&f=591608789"target="_blank">parasiteware<a> you will not be listed on my site.

  15. #15
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by TrustNo1®:
    Yeah get an accountant, all affiliates making any kind of money with this should get one. Don't look at it as another expenditure, look at it as an investment. They'll guide you through your first time and will let you know what you need to do to get all the tax deductions possible.

    Bring with you:
    All your 1099s
    Something showing all other income received
    Something that shows tax deductible stuff like domains, hosting, advertising, wordtracker, mileage and gas to and from your accountant is deductible, stuff like that.

    BTW did you ever get your business license?

    I work in lounge pants <HR></BLOCKQUOTE>

    I have a question about the tax deductible stuff. There are things like adwords where you don't exactly get a receipt for your payment. Under those circumstances, do email notifications count as receipts?

    Can you deduct them even if you don have a business name (didn't pay for them with business credit cards)?

    Thank you and all of you who contribute to this kinds of threads. They are very invformative!

  16. #16
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    With Adwords you can just login and click account and you can print receipts from your computer. With the other stuff that i don't get receipts like merchants where i've made only a few dollars with, i just type it up in Notepad and print it out. Last time i just printed out the screen where it showed how much i made and my accountant said i could just write it down and that would be fine.

    "Can you deduct them even if you don have a business name (didn't pay for them with business credit cards)?"

    Yes, i've used my personal credit card and it's not a problem, i'll probably get one just for business, easier to keep track of stuff.

    Yes.

  17. #17
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    Thanks for the information, Trust!

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