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One of the biggest and most potentially dangerous myths about Web Marketing is that it is a tax free market. Men and women enter it thinking that as the money they earn comes to them mostly through online sources like PayPal that they do not have to pay taxes on the things that they’ve earned. This isn’t true! More to the point, failing to pay taxes on this income can get you into all kinds of trouble! You shouldn’t freak out, though: it isn’t really difficult to do taxes when you are an online marketer. Below are a few tips and hints that might help you.
1. Make an appointment with the local Small Business organization. All communities have some type of small business helping association or organization (typically run via a local community or city college) that has plenty of trained experts on hand to help you both set up your business and make certain that all of your tax issues are carefully and properly taken care of. Additionally, this resource is practically always free!
2. Monitor everything. This is really worth repeating: record everything. This can be accomplished simply enough with Excel. You only need one spreadsheet that will record all of the money you make (down to the penny) and another that will keep track of all of the money you shell out (once again, down to the penny). Make sure you keep each receipt and invoice for the money you shell out.
3. If you could afford it, retain the services of an accountant. This will likely allow you a little freedom in the tracking of all of your taxes and business numbers. You tell them how much money you’ve earned, show them how much you’ve spent (you’ll need proof of these things) and they take care of the rest, especially at tax time.
4. Pay toward the taxes you’ll owe throughout the year. 30% of each sale is the basic guideline you should follow. This can be done quarterly through Estimated Tax Payments with the IRS or you could even do this month to month. The IRS currently has the ability to get estimated tax payments whenever you think or want to make them. This can save you from having to pay a truly distressing amount of money all at once which, if you haven’t been saving up for it, can be incredibly stressful. Better yet: if you have overpaid in your estimated tax payments, you’ll get a refund — just like you would if you were working for a business! Make sure to consult with someone at the IRS to get this set up correctly.
5. Learn which tax deductions you are entitled to take. When you run your own business at home, there are a lot of things, such as the money you pay in for utility payments, that become tax deductible–just like paying for other business related supplies. Your accountant or an agent from the IRS can help you work out which deductions you can claim at tax season.
Becoming intimidated by the tax process when you’re an online marketer is quite normal. Thankfully, there are all kinds of resources available to help you follow the law and still keep yourself from losing your shirt to the IRS!