If you are a blogger, you are still responsible for paying taxes from the income that your blog generates. Today, we are discussing some of the various tax tips that you need to keep in mind when tax season comes around.
Register Your Business Correctly
Before you can even think about taxes, it is important to have your business registered correctly. Many blogger start out as a sole proprietor because it is easy and cheap. However, this may not be the best for you so explore the other options too – partnership, limited liability company, and corporation.
Pay Your Estimated Taxes
As a blogger, you are classified as being self-employed. This means that you have to pay estimated taxes. You are expected to pay them on April 15, June 15, September 15, and January 15. Paying your estimated taxes is not a hassle either; you can do so online, over the phone, or snail mail. Usually, most bloggers find the online method to be the easiest.
Deduct Your Blog Expenses
Bloggers qualify for deductions on their federal taxes. Some of the most common ones are for office equipment, office supplies, subcontractors, and website expenses.
When you first start blogging you may not generate and income. However, if you stick with it your income will grow every month and you will be expected to pay taxes. So make sure you keep good records regarding your income and your expenses. This way when tax time comes around you will not be so stressed.
If you are looking for a Redmond CPA, we serve clients in Redmond! Give us a call at (425) 483-6600!