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  1. #1
    Verbosely Virtuous Mutt spacedog's Avatar
    Join Date
    June 8th, 2006
    Self-employed affiliates and taxes
    Question for those of you in the States who file Schedule C (self-employed sole proprietors) when doing your taxes:

    Can you deduct as a business expense on your Sched C pretty much the entire Affiliate Summit and conferences like it? Airfare, hotel, full conference admission ticket, meals, etc? 100% of these costs? I'm sure things like after-parties and booze, slot machines and blackjack, etc can't be deducted. But the non-goofing off, professional costs as listed above (with the exception of southbeachannie's and Carolyn's H&C poles they're going to bring as props, right? ).

    Bear in mind I'm talking about tax deductions as an affiliate going there to learn and network, not as a merchant or OPM buying booth space and schwag and meals to entertain and entice the prospective affilies (which have their own tax considerations and must be a real pain to figure out).

  2. #2
    The slot machine that IS paid! Billy Kay's Avatar
    Join Date
    January 18th, 2005
    Small Town in Tennessee

    If you're self-employed as an affiliate (this is your full time job) get an accountant!!

    They know stuff you'd never think of.

    The math is simple: spend $200 (for the accountant) and save thousands.

  3. #3
    Moderator MichaelColey's Avatar
    Join Date
    January 18th, 2005
    Mansfield, TX
    You'll probably want to talk with an accountant, but it's pretty much all deductible.

    If you eat cheap (or others foot the bill), you might ask about taking a per diem instead of deducting your actual meals. It can work out quite a bit better.
    Michael Coley
     Affiliate Tips | Merchant Best Practices | Affiliate Friendly? | Couponing | CPA Networks? | ABW Tips | Activating Affiliates
    "Education is the most powerful weapon which you can use to change the world." Nelson Mandela

  4. #4
    Affiliate Manager adambha's Avatar
    Join Date
    October 20th, 2006
    Quote Originally Posted by spacedog
    Airfare, hotel, full conference admission ticket, meals, etc? 100% of these costs?
    The short answer is 100% of everything except meals is deductible. Meals are only 50%

    Please be sure to consult your tax adviser to consider all of the variables of your unique situation.

  5. #5
    Verbosely Virtuous Mutt spacedog's Avatar
    Join Date
    June 8th, 2006
    I know... I'm completely insane still doing my own taxes at this point. It's mainly that I've done them myself for so many years now, with a regular j*b for most of those years and only in the last two did they get exponentially more of a pain to do with my affiliate and computer consulting side projects. I'm not even full time with either of these bizzes (or both of them combined), so I guess I haven't been able to qualify paying for an accountant. But after last April's countless hours of pain I think I'll finally bite the bullet this spring and pay for them to be done.

    Cool that conferences can be deducted!! Uncool that even so, I still doubt I can qualify spending all that money and going to these things when it's not even a full-time job for me. Thanks for the info guys.

  6. #6
    Full Member Zdig's Avatar
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    February 26th, 2005
    even if you use an accountant, you still want to understand the basics. you might want to read a book on small business taxes or something...i've read a few books and i feel much more comfortable when dealing with my accountant

  7. #7
    Verbosely Virtuous Mutt spacedog's Avatar
    Join Date
    June 8th, 2006
    I agree, Zdig. I've become fairly knowledgeable on all non-biz and college student related tax info, but I haven't had any real business travel yet so haven't had to learn about it. I think I did a pretty good job getting all the deductions I could last two years, but... guess you never know, since I didn't run my returns past a tax accountant. And gawd, it took so many hours figuring it out last year with the two Schedule C's and all. This should help so I'll know what kinds of things I need to give to the accountant, and hopefully not forget anything.

  8. #8
    ABW Ambassador meadowmufn's Avatar
    Join Date
    January 17th, 2005
    It is sooooo worth it to get an accountant. I would've saved thousands over the years if I'd have gotten one the year I started in AM. They'll make sure you avoid penalties, make sure you take advantage of every deduction and expense you're eligible for, etc. I just talked to mine last week to verify what I could deduct for Affiliate Summit expenses. The convenience, time, peace of mind, and money you'll save more than justifies the $200-300 expense.

    Go for it!
    -Don't criticize anyone til you've walked a mile in their shoes. Then when you do criticize them, you'll be a mile away and have their shoes.
    - Silence is golden. Duct Tape is silver.

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