Helpful Tax Information for Internet Marketers

Ignore people who say that internet marketers are not responsible for taxes. As an internet marketer, the IRS views you as a freelance entrepreneur who is required to pay taxes. This means that there is income that you must submit to the IRS so that it can be taxed. This is not good news. However, do not let your tax responsibility get the best of you. In this article we are going to explore some of the things you, as an Internet Marketer can do to make your taxes easier to handle.

Keep every single receipt for every single payment you make. Did you go out for coffee with a potential client? Did you purchase writing pens for your new desk? Did you have to update your old computer software? These are all things that you can deduct on your taxes, but you have to keep the receipts. This is why it is important that you maintain records for all purchased items. Jot down the purpose of the expense and then put the receipt in a secure location. You will have problems with the IRS if your receipt totals are not the same as the totals on your income taxes. So make sure you keep each and every receipt. You might feel like it is too much paperwork, but it will be worth holding on to in the end.

Be mindful of the three out of five rule.

The IRS has lumped Internet Marketers into three separate groups, sole proprietors, entrepreneurs and freelancers; this rule applies to those who fit into one of these categories and states that they are probably going to make a profit every three out of five years of their online business. If you rarely show a profit, the IRS will be wondering why you are staying in business when you are not making money. If you are able to keep clear and concise records of your income and expenditures, you should have no issues if the IRS should decide to have a look. It is almost impossible to conceal money from the IRS and if you try and are found out, you will have a serious problem.

In order to successfully fill out your own taxes, it would be a great idea to get a head start and learn all you can beforehand. When you file your taxes as an Internet Marketer, the IRS will consider you a freelancer; unfortunately you will be up against some stringent tax laws and you will be unable to use the old 1040EZ form you did when you had an employer. This process is compounded with a diverse assortment of schedules, forms and convoluted laws and formulas. The more educated you are on these subjects, the more successful your result. There are a lot of things you need to keep track of when you are an Internet Marketer. Taxes are just another thing that IM'ers much track. The thing is to handle all of your expenses in the right manner and you should not be in trouble in the end. And remember there are always professionals who are waiting to help you when you need it!

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