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  1. #1
    ABW Ambassador La_Valette's Avatar
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    Taxes? (US Publishers)
    CJ collects a W9 from US publishers, so I assume it reports commissions to the IRS (is this true?). If so, does it send out tax forms in January, such as a 1099 or similar?
    Kids, you tried your best and you failed miserably. The lesson is, never try. -- Homer Simpson

  2. #2
    notary sojac Herb ԿԬ's Avatar
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    you'll get a 1099 if you were paid $600 or over for the year.

    (In my opinion, that's an archaic number. Should have been increased to $2,000 a long time ago. But Social Security self-employment tax is involved in that, too)

  3. #3
    ABW Ambassador La_Valette's Avatar
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    Yikes. I never kept accurate records of what I'm spending and making. I think I'm making a profit but I don't know exactly how much.
    Kids, you tried your best and you failed miserably. The lesson is, never try. -- Homer Simpson

  4. #4
    notary sojac Herb ԿԬ's Avatar
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    Cool
    when it comes time to fill out the IRS forms you should have set out your hosting costs and all other expenses related to your work. I would suggest you talk ahead of time to your friendly neighborhood accountant before he/she gets very busy. You'll get a better idea of what you are facing and the accountant's fee is deductible.

  5. #5
    ABW Ambassador
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    "Yikes. I never kept accurate records of what I'm spending and making."

    All that stuff should be available somewhere. I was checking last year's tax stuff and have as expenses:

    Domain Names
    Hosting
    2004 County Business Lincese Report
    Accounting Service for 2004
    Google Adwords
    Overture
    Payment to enter private forum
    for business purposes
    Mileage to and from accountant
    2 trips a year, total 40 miles
    And there's some other stuff that's the same eash year that the accountant figured out the first time like work area, utilities, computer that's the same every year. I just let him do his thing with that.


    Income was:
    Income 2004

    IRS Federal Tax Refund - got that because i overpaid

    Commission Junction
    Reporting.net - Multiple Merchants
    Performics
    Linkshare
    WebClients.com
    Shareasale.com
    Google.com
    Affiliate Fuel


    Other Income From Individual Merchants
    Then I listed a whole slew of indy merchants, very time consuming

  6. #6
    ABW Ambassador buy_online's Avatar
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    Why are you posting this exact message in two separate forums? This could have been done in Midnight Caf once.

    Fred

  7. #7
    ABW Ambassador Jane's Avatar
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    Make things easy on yourself. Get a biz credit card to use for all biz expenses and a separate bank account for all your income. With online banking you can add up your deposits and expenditures in a just a few seconds.

    The hard part is sorting it all out as to which part of the tax form to put it on.

  8. #8
    ABW Veteran Mr. Sal's Avatar
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    Payment to enter private forum
    Since when Pizza Hut started charging for that forum?
    ...

  9. #9
    ABW Ambassador meleemel's Avatar
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    Quote Originally Posted by buy_online
    Why are you posting this exact message in two separate forums? This could have been done in Midnight Caf once.

    Fred
    Very Good Advice!

    I just opened a separate account for this purpose and will be changing all my DDs and Auto-Payments over to it for the new year.

  10. #10
    ABW Ambassador Nature Boy's Avatar
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    I opened up an account a couple of years ago and setup all direct deposits to go there, and I deposit all of my checks into my local branches ATM. The only problem I've had with this is having to back the interest out of the total when doing my taxes, but that's easy to do with the handy dandy 1099 INT the bank send out

    After the first of the year, I transfer all of that money over to another account and start fresh again.

    I really need to take everyone's advice though and get a credit card just for business expenses. It's just hard to give up the discount (not rebate) my current card gives me monthly on my purchases. Hmmm maybe they'll let me have 2 cards...
    Scott
    If you can't dazzle them with brilliance, then baffle them with bulls#!t
    Don't tell me that you'll do it... SHOW ME.
    Just because everyone else is drinking it is no reason for me to drink the KOOL-AID.

  11. #11
    ABW Ambassador meleemel's Avatar
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    Please keep the advice coming

  12. #12
    Affiliate Manager 1av8r's Avatar
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    Do it online!
    Quote Originally Posted by meleemel
    Please keep the advice coming
    I saw the word taxes and couldn't help myself FYI, TaxBrain handles schedule C among other things, which most of you folks (in the US) should fall under.

  13. #13
    ABW Ambassador ticketguyz's Avatar
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    Quote Originally Posted by Jane
    Make things easy on yourself. Get a biz credit card to use for all biz expenses and a separate bank account for all your income. With online banking you can add up your deposits and expenditures in a just a few seconds.

    The hard part is sorting it all out as to which part of the tax form to put it on.
    This doesn't really reflect true income. It does reflect what you'll be paying taxes on as long as you report as a cash-basis taxpayer (which I recommend to all unless you need your 1040 income to be higher for any number of reasons, e.g. buying a house). To calculate true income you'd need to add up current period earnings (including those earned but not yet received - think CJ), minus expenses incurred during the period, including those not yet paid (the few hundred bucks you might owe Google). But having a separate account for everything is advisable, especially if the tax man comes knocking.

  14. #14
    ABW Ambassador meleemel's Avatar
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    Does anyone have an online business guide/tax tips site for affiliates? Something with the publishers business side. I know there are tons of tips on marketing/site design, but what about the other side?

  15. #15
    Affiliate Manager 1av8r's Avatar
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    FYI, I announced an offer for our affiliates to consider here.

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